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By Yevgeniy SADOV, Senior Associate, SEDLO LAW FIRM
The European legislation on the fight against money laundering and the terrorist activities (“AML”) has seen a number of rapid developments since the first directive in this respect back in the early 90’s(1). The evolution of the AML-legislation has been in an adaptive mode, i.e. by trying to take into account the realities of a modern world (creative methods of criminals to circumvent the AML legislation (ex. “Global Laundromat” scandal), as well as the progress in information technology (ex. use of cryptocurrencies by criminals), etc.).
One of the most recent (and more drastic) proposals by the EU Commission has been the creation of registers of ultimate beneficial owners (the “BO”) of...
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