Jersey and Guernsey to delay public access to beneficial ownership records following ruling by the Court of Justice of the European Union

By Natalia Fortuna, Associate (Private Wealth) | Ogier w: www.ogier.com

The European Union has adopted various anti-money laundering directives in recent years.

The Fourth Anti-Money Laundering Directive requires member states to implement central registers of beneficial owners of companies, and certain other entities. Pursuant to the Fifth Anti-Money Laundering Directive, each EU member state must make the information stored on its central register publicly accessible.

In consequence of these directives, Luxembourg has, since 2019, maintained a register of beneficial ownership with unrestricted public access.

Actions were brought in the Luxembourg District Court, on the basis that this level of unlimited access to personal information endangered the privacy of the respective beneficial owners. The Luxembourg District Court referred this case to the Court of Justice of the European Union for preliminary ruling.

Ruling by the Court of Justice of the European Union on public registers of beneficial ownership.

Further to the proceedings filed in Luxembourg, the Court of Justice of the European Union (CJEU) provided its judgment on 22 November 2022 with respect to the interpretation of the Anti-Money Laundering Directives in view of an individual’s right to privacy enshrined in the Charter of

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