On 20 May 2015, the European Parliament adopted the Fourth Money Laundering Directive. This directive obligates EU member states to adopt a UBO-register of corporate and legal entities. Such register should include at least the name, the month and year of birth, the nationality and the country of residence of the UBO, and additionally, the nature and extend of the beneficial interest held by the UBO. The register should be accessible to the respective tax authorities, obliged entities (for example banks, lawyers and notaries, as they have to perform KYC procedures) and the public if they have a “legitimate interest”.
On 18 March, the European Commission published a proposal to amend the Directive on administrative cooperation between Member States (Directive 2011/16/EU). The proposal entails a mandatory exchange of information on cross-border rulings and advance pricing arrangements. If the proposal is approved, it will become effective as per 1 January 2016. [/message_box]
