The Laundry19 Des 2022

E42: Is the EU's new UBO ruling a Christmas gift to criminals?

The EU's new Ultimate Beneficial Ownership (UBO) ruling has been making headlines all over Europe. At first glance, it appears to be a major win for those who think public UBO registers infringe on the right to privacy. But is it instead a gigantic Christmas gift to the criminals?

In this episode, we explore the pros and cons of the new UBO ruling with Thom Townsend, Executive Director at OpenOwnership and look at how it could affect the fight against financial crime.

Join us as we investigate whether the new UBO ruling is a blessing or a curse.

From this episode, you'll learn:

01:32 - 04:59 What is this recent ruling from the Court Justice of the European Union?

04:50 - 06:06 An excellent example of why ending public access to UBO registers is a bad idea.

06:07 - 10:40 Do the EU put privacy over AML?

10:53 - 14:21 Are there any examples of documented harm due to the open UBO registers?

14:22 - 17:30 What were the key takeaways from the CSABOT (Civil Society Advancing Beneficial Ownership Transparency) conference in Brussels last week?

17:31 - 20:17 Why the EU now has a massive responsibility for clarifying and defining the new ruling.

20:32 - 24:28 Will AML6 overrule this?

24:30 - 28:36 Why the banks and the public industry must step up now.

28:39 - 33:08 Many countries are keeping their UBO registers open. Will governments put their national laws above the EU ruling?

33:10 - 37:58 Which countries have the most effective implementation of ownership transparency right now?

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