Premier Dr the Honourable Natalio Wheatley has expressed his support for a recent decision made in the European Court of Justice to strike out the European Union’s public registers mandate of beneficial ownership of all companies.
The decision, which sided against a mandate which has been criticised as an effort to force countries to have open beneficial registers, stated that the measure infringed upon fundamental rights or privacy and personal data protection.
In essence the beneficial ownership mandate would require all companies incorporated in any territories of member states to be accessible to the public.
The mandate has been made invalid on grounds that registers containing the personal details of company owners should not be publicly accessible because that would be an infringement on their fundamental rights to privacy and the protection of their personal data.
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