The United Kingdom has raised concerns of a legal nature over the provision aiming to bring in public registers of the beneficial owners of trusts, as the European Commission is hoping to do in Europe in the framework of the revision of the anti-money laundering directive, in response to the Panama Papers scandal. At the Ecofin Council of Tuesday 8 November, the legal service took position, concluding that it was not legally possible to make these registers public.
We need to "make sure we...