JOINT BANKING INDUSTRY LETTER TO EU PARLIAMENT ON PROPOSED LOWERING OF BENEFICIAL OWNERSHIP THRESHOLDS

On 27 September, the European Banking Federation advised that the European Banking Federation (EBF), the European Savings and Retail Banking Group, the European Association of Co-operative Banks, the European Association of Public Banks, and the European Fund and Asset Management Association sign a joint letter on the EU Parliament’s proposal to lower the threshold for determining beneficial ownership to 5%.  They welcome the European Commission’s proposal to introduce a new harmonised Anti-Money Laundering Regulation – but do not agree that reducing the percentage threshold that serves as an indication of ownership of a legal entity from 25% to 5% would reduce opportunities for transparency rules to be circumvented.

https://www.ebf.eu/ebf-media-centre/joint-letter-lowering-beneficial-ownership-thresholds/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017