Public access to UBO register violates privacy and personal data protection rights
Today the EU Court of Justice ruled that the provisions of the anti-money-laundering directive requiring EU Member States to ensure that UBO information of legal entities in their jurisdiction is accessible to the public in all cases is invalid. According to the Court, the public’s access to UBO information constitutes a serious interference with the fundamental privacy and personal data protection rights as provided for by the EU Charter of Fundamental Rights.
As a result of the verdict, EU Member States must ensure when making UBO information publicly accessible that appropriate safeguards are in place to protect privacy and personal data of the UBOs. The Dutch UBO register does not provide such safeguards. Therefore the Dutch Finance Minister announced that no information from the Dutch UBO register will be provided until further notice. The obligation to register UBO’s continues to exist.
Find out more? Please see the full verdict here.