EU’s Ruling On Beneficial Ownership

EU’s Ruling On Beneficial Ownership

December 1, 2022
Procurement

Last week, the Court of Justice of the European Union (CJEU) ruled that public access to registries showing personal details about companies’ beneficial owners infringes fundamental individual rights otherwise protected by the EU. The Court said the EU’s 2018 requirement for Member States to grant public access to information on beneficial ownership caused “serious interference with the fundamental rights to respect for private life and to the protectionof personal data.”Those rights and their protections are set out in the EU’s Charter of Fundamental Rights

In its November 22 decision, the Court of Justice acknowledged that requiring public access to beneficial ownership registries increased transparency and could help prevent money laundering and terrorist financing. But the court said the EU parliament’s objective in adopting the so-called 5th anti-money-laundering directive didn’t justify the “serious interferences with the fundamental rights enshrined” in the EU Charter. This is a disappointing decision, which effectively reverses many years of policy negotiations in recent years to bring greater transparency to public procurement.

What Is Beneficial Ownership?

Beneficial ownership is the legal concept that somebody other than the registered owner of a property or asset may be the person who ultimately benefits from its use or existence. In the case of a company, the beneficial owner is typically an individual or small group of individuals who control more than 25% of the company’s shares.

The beneficial ownership registry at issue in this case was created in 2018 as part of an EU directive designed to combat money laundering and terrorist financing. The directive required member states to create central registries of beneficial ownership information for companies and trusts, and made that information publicly accessible.This allowed public access to beneficiaries of contracts, providing critical transparency to the way governments purchase.

Get in touch to talk to us about our global government procurement data.

January 25, 2023

Mixing Politics & Procurement.

The need for administrations to act at pace is often at odds with the processes and procedures needed for good procurement. If...
January 24, 2023

Improve Your Exporting With Government Data

Government procurement data can be a valuable resource for export agencies looking to expand their business and identify new opportunities in foreign...
January 18, 2023

Waiting For A Tsunami Of Text

In a world where text can be generated by an algorithm for negligible costs, we have to rethink how we value the...
January 17, 2023

Cleaning Up On Cleaning Contracts

Canberra, in the Australian Capital Territory, is home to the nations houses of parliament and a large swathe of public sector. Transparency...
January 11, 2023

New Procurement Bill Progresses Through Parliament

The proposed new Procurement Bill passed its second reading without division in the House of Commons yesterday, with the Government proposing the...
January 10, 2023

How Government Procurement Data Can Help Export Agencies

Government procurement data, the information on what goods and services government entities purchase in different markets, is an extremely valuable, and often...
January 5, 2023

Government On Covid 19 Contracts

The government has published a document, providing further information about the procurement of critical testing equipment and services during the early months...
January 3, 2023

Global Analysis: Less Is Less

Analysing 7.5 million tender documents published by governments around the world has revealed a worrying trend of publishers providing less data for...
December 1, 2022

Using Data To Build A Supply Chain

All data has a provenance. It comes from somewhere. Someone created it. Maybe it came from a sensor, or it was created...
December 1, 2022

Get Your Data Sorted.

We collect tens of thousands of documents every day. We visit more than 700 sources to collect this data. That's what our...
December 1, 2022

The Importance of Government Procurement Data for Export Agencies

There are a number of ways that government procurement data can help export agencies, including: Identifying New Markets - By understanding what...
December 1, 2022

Lord’s Have Their Say On Procurement Bill

The proposed changes to the Procurement Bill are on their third reading in the House of Lords. Last week the House of...
December 14, 2022

Buyers who stole Christmas (again)

It’s time to shed a festive tear and feel some sympathy for all the bidding teams who’ve got bids to respond to...
December 1, 2022

How Government Procurement Data Can Help Export Agencies.

If you’re in the business of exporting, you know that the global market can be a tough one to crack. In order...
December 1, 2022

Hungary’s Procurement Milestones Not Met

The European Commission has recently presented an assessment under the  procedure to Hungary that we covered recently here. The Commission found that,...

Newsletter

Compelling research, insights and data directly into your inbox.

Recent media stories

Search