UBO INFORMATION TRANSPARENCY IN THE CORPORATE REGISTERS AND ITS EFFECT ON PRIVACY PROTECTION FROM AML-CFT PERSPECTIVE

Abstract

This paper examines the essence of standards set by the European Union legislation, regulating two areas of law which are mutually opposite but vastly interconnected in practice, particularly from the perspective of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism). Identifying the exact position of the thin line that distingushes between the right to free access to information and the right to protect the privacy of personal data is of great importance and has a legitimate purpose because the complexity of schemes aimed at attaining the set goals can easily be misused to conceal the violation of a basic human right in practice. This paper analyses the legitimicy of complete transparency of personal data of the actual (direct or indirect) owner as the basic tool for preventing the abuse of the financial system for money laundering and terrorism financing purposes. This paper attempts to explain and correlate the two aforementioned rights by analysing them from the perspective of the Ultimate Beneficial Owner (UBO).