Further steps to secure access to banking information
The European Council has agreed on a proposal to further up the effort on money laudering and tax evasion. In short the member states of EU will be enabled to access information on beneficial ownership as of 1st January 2018.
Easier automatic exchange of information
A pinacal point of the legislation is to grant the member states more effective tools to share the necessary information. One of the elements in that will be that: “…where a financial account holder is an intermediary structure, financial institutions are required to look through that entity and report its beneficial ownership…”. As such, banks will be heavily involved with the compliance work and monitoring of their own (ultimate) clients.
Resources
Link to Danish tax auhtorities’ news
[pirate_forms]