Given the well-documented risks associated with anonymous companies, there’s no longer any serious question that governments should collect accurate information on companies’ “ultimate beneficial owners” (UBOs), and should make this information available to law enforcement and entities conducting due diligence.
The more controversial question is whether UBO information ought to be publicly available. Some jurisdictions, led by the United Kingdom, have already created public UBO registers, and the EU’s Fifth Anti-Money Laundering Directive calls on all EU members to establish such registers by January 2020. Other jurisdictions are likely to follow. Is this a good idea?
