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The European Commission has adopted new proposals to amend the EU's Third Anti-Money-Laundering Directive.

Work began on revising the directive in February last year, when the international Financial Action Task Force (FATF) issued a new set of international recommendations to combat money-laundering and terrorist financing.

The fourth version of the directive will require all companies, legal entities and trustees to maintain records of the identities of their beneficial owners. They must make this information available to persons conducting anti-money-laundering (AML) due diligence and to law enforcement officers, though not necessarily in a public register.

The relevant text (Article 30) runs as follows:

1. Member States shall ensure that trustees of any express trust governed under their law obtain and hold adequate, accurate and current information on beneficial ownership regarding the trust. This information shall include the identity of the settlor, of the trustee(s), of the protector (if relevant), of the beneficiaries or class of beneficiaries, and of any other natural person exercising effective control over the trust. Login to Read or Click Here for Membership First