As the compromise text was adopted, the ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as journalists, under a Parliament/Council deal endorsed by the Economic and Monetary Affairs and Civil Liberties committees on 27/01/2015. The new anti-money laundering directive aims to help to fight money laundering, tax crimes and terrorist financing. New rules to make it easier to trace transfers of funds were also approved.
The fourth anti-money laundering directive (AMLD) will for the first time oblige EU member states to keep central registers of information on the ultimate "beneficial" owners of corporate and other legal entities, as well as trusts. (A "beneficial" owner actually owns or controls a company and its activities and ultimately authorizes transactions, whether such ownership is exercised directly or by a proxy). These central registers were not envisaged in the European Commission's initial proposal, but were included by MEPs in negotiations. Recital 11 and article 29 of the proposal state that it will be up to the Member States to decide if these central registers are central database or business register or another central register, leaving possibility for public /private partnerships on the register maintenance. However, the data processed in these registers will be used for money laundering fight and activities considered in the directive, as recital 31 makes it clear that further processing of personal data for commercial purposes is prohibited.
The text also requires banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.
Malta's commitment to the fight against money laundering and the funding of terrorism is firmly rooted in the country's interest in safeguarding its role as a reputable financial services centre.
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