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Global Civil Society Organisations Concerned About Cjeu Ruling On Beneficial Ownership Transparency [GACC in the News]


As European Union and African Union representatives meet on Monday 28 November 2022 to review progress following the EU-AU Summit in February, 32 African and European civil society organisations have raised concerns about threats to ground-breaking EU transparency measures, which could threaten all that has been put in place to prevent and combat the problem of illicit financial flows out of Africa. 

The Center for Fiscal Transparency and Integrity Watch organisations state:

“Illicit financial flows rob African nations of almost US$89 billion each year. Anonymous companies are often used as the get-away vehicles of the corrupt, helping syphon these funds out of Africa – often to Europe – denying countries revenues that could be used to boost economies, and fund health and education systems.

The EU has been a trailblazer in cracking down on the use of these phantom firms. The requirement under the 2018 Anti-Money Laundering Directive for EU countries to set up and make public registers of beneficial owners of companies was a major step forward, helping shine a light on this murky world. A 22 November 2022 ruling by the European Court of Justice invalidating these rules and so denying public access to beneficial ownership information is therefore extremely concerning...

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