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Expert Review: Episode two – Beneficial owner concept: Alternative perspectives

05 Apr 2022

In this second episode, Head of Luxembourg Tax and Regulatory Andrew Knight and guest expert Paolo Panico, explore the way the beneficial owner concept has evolved and how in practice its meaning has been stretched beyond a true interpretation of the term, in particular in the context of companies held by trusts. Paolo is a prolific writer and speaker on the topic and is editor of the publication titled Beneficial Ownership Registers, The STEP Handbook for Advisers.

Key takeaways

  • Noting the increasing relevance of the concept way beyond the confines of anti-money laundering and the continued impact of the AML approach on the interpretation of the concept
  • Examining the clear distinction in approach as between trusts and companies
  • Clarifying the position of companies held by trusts and examining the beneficial owners of the company in that context
  • Reviewing recent ECJ developments regarding the right to privacy and the extent to which they may impact on beneficial owner registers

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