European Parliament Backs Tougher Financial Registry Rules

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The European Parliament voted to set up public registers to identify company owners. Such measures are hoped to help in the fight with shell companies and trusts, which are considered harmful to European and world economy.

Under the new plan, banks and financial institutions, auditors, lawyers, accountants, notaries, trusts and real estate agents would be obliged to provide the names of the companies’ ultimate owners to national authorities, who for their part will have to put them into the registers. Read More