On Wednesday 29 November, the permanent representatives of the member states to the EU (meeting at Coreper) gave the Estonian Presidency of the Council a final negotiating mandate to conclude inter-institutional negotiations with the European Parliament on the fifth anti-money laundering directive (see EUROPE 11914).
This final mandate keeps in place the Commission's initial proposal to provide public access to information concerning the beneficial owners of companies and access only to individuals who can demonstrate a 'legitimate interest' to information concerning trusts of all kinds.
The Parliament was calling for so-called 'commercial' trusts also to be subjected to public transparency requirements, but the Council has ultimately decided not to draw any distinction between private trusts and economic trusts. An exception to public access to information will, however, be possible if the publication of this information could expose the beneficial owner to disproportionate risks of kidnapping, fraud, blackmail, violence or intimidation.
For trusts, there will be one exemption in place: access will be authorised for persons submitting a written request for trusts holding an interest in a business or other similar entity by means of a direct or indirect stakeholding.
The next round of negotiations will be held on 13 December. (Original version in French by Élodie Lamer)