Beneficial Ownership Registers

Beneficial Ownership Registers provides detailed and up-to-date information on the reporting of ‘beneficial ownership’ of companies and trusts and sets the contemporary scene both internationally and on a country-by-country basis, with reference to European Union countries, the United Kingdom and the United States. Differences among EU member states exist although they are meant to implement the same EU directive, as the book convincingly shows, and a substantial difference also stands out between the EU and the US where the Corporate Transparency Act has approached the issue of reporting beneficial ownership of companies (though not of trusts, not a mean distinction) on a functional basis, rather than as a politically biased mission to be accomplished no matter what. -- Maurizio Lupoi
The concept of beneficial ownership has become increasingly relevant in the context of numerous measures to increase transparency and disclosure, in particular by way of publicly accessible registers, such that it now extends significantly beyond its original application to anti-money laundering and ‘know your client’ compliance requirements. It is therefore important that there is a renewed focus on the legal meaning of the term so as to ensure its correct legal interpretation and application in practice. This compendium of multi-jurisdictional legal analyses is a welcome contribution to that renewed focus. -- Andrew Knight
This new book is the first to offer a comprehensive review of the rules relating to the reporting of beneficial ownership of companies and trusts in fifteen different EU jurisdictions, as well as in the UK, the Crown Dependencies, the USA and Liechtenstein. It also emphasises the variation of treatment relating to public access to information on beneficial ownership of companies and, importantly, of trusts. The reader can only echo Paolo Panico’s comment that an EU regulation harmonising some of the varied national requirements would be a welcome development. But until that happens this book will be an essential source of reference for any practitioner advising on international corporate and trust structures. -- Richard Pease TEP
This volume is a valuable new addition to the Globe Law and STEP stable of co-publications. The topic of beneficial ownership has been much in the public eye in recent years, prompted partly by an international drive to create greater corporate disclosure to counter money-laundering and terrorist finance, and partly by a series of exposés in the form of the Panama, Paradise and Pandora papers. Now family office advisers, law firms and accountancy practices have at their fingertips an up-to-date digest and commentary on the state of affairs prevailing in some of the world’s key jurisdictions. Consulting editor Paolo Panico has assembled a team of experts to appraise the measures taken by the authorities in 18 different countries and three British Crown dependencies. The reader’s understanding is greatly assisted by introductory chapters which explain the history of government and supra-national [in the form of the EU] interventions, as various initiatives have evolved and with them new legislative frameworks and requirements. The direction of travel is consistent, but the interpretation and implementation of new agreements and directives varies considerably. The chapters on individual countries take a deep dive into the registration of beneficial ownership in each case, and explain how concepts such as benefit and control are variously construed. If you are seeking a comprehensive guide to navigate you through the tricky waters of beneficial ownership, look no further. -- David Molian
Dr Panico and his colleagues present a masterful survey of this difficult subject. The discussion of its history and purposes introduces detailed accounts of its application in several EU countries, the United Kingdom and the United States. The publication will be much welcomed by practitioners dealing with the affairs of international clients. -- Milton Grundy