CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20)
Rules against money laundering and terrorist financing are an area of law in which the European Union is significantly active and introduces many innovations. Public registers of beneficial ownership were one of the crucial tools with which this legislation promoted the openness of corporate struct...
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| Format: | Article |
| Language: | English |
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Comenius University in Bratislava, Faculty of Law
2023-12-01
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| Series: | Bratislava Law Review |
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| Online Access: | https://blr.flaw.uniba.sk/index.php/BLR/article/view/725 |
| _version_ | 1797371115163615232 |
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| author | Daniel Zigo |
| author_facet | Daniel Zigo |
| author_sort | Daniel Zigo |
| collection | DOAJ |
| description |
Rules against money laundering and terrorist financing are an area of law in which the European Union is significantly active and introduces many innovations. Public registers of beneficial ownership were one of the crucial tools with which this legislation promoted the openness of corporate structures in the European environment. For this reason, the judgment of the European Court of Justice in the Joined Cases C-37/20 and C-601/20, WM and Sovim SA v. Luxembourg Business Registers, which cancelled public access to beneficial ownership registers, caused an immense response. Part of the public sees this step as a major blow to the transparency and part as a victory for the rights of individuals. This paper explains the factual situation in the given case, summarises the Advocate General's opinion and analyses the reasons that led the Court to the presented conclusions. The author also reflects on the jurisprudence of the Court, which led to the issuance of this decision and its importance in the field of AML and the protection of the right to privacy in general. Based on these facts, the conclusion presents the possible development of future beneficial ownership registers in the EU.
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| first_indexed | 2024-03-08T18:15:11Z |
| format | Article |
| id | doaj.art-fd43e2d15dc04616bdbec488bac792a5 |
| institution | Directory Open Access Journal |
| issn | 2585-7088 2644-6359 |
| language | English |
| last_indexed | 2024-03-08T18:15:11Z |
| publishDate | 2023-12-01 |
| publisher | Comenius University in Bratislava, Faculty of Law |
| record_format | Article |
| series | Bratislava Law Review |
| spelling | doaj.art-fd43e2d15dc04616bdbec488bac792a52023-12-31T15:25:15ZengComenius University in Bratislava, Faculty of LawBratislava Law Review2585-70882644-63592023-12-017210.46282/blr.2023.7.2.725CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20)Daniel Zigo0Comenius University Bratislava Rules against money laundering and terrorist financing are an area of law in which the European Union is significantly active and introduces many innovations. Public registers of beneficial ownership were one of the crucial tools with which this legislation promoted the openness of corporate structures in the European environment. For this reason, the judgment of the European Court of Justice in the Joined Cases C-37/20 and C-601/20, WM and Sovim SA v. Luxembourg Business Registers, which cancelled public access to beneficial ownership registers, caused an immense response. Part of the public sees this step as a major blow to the transparency and part as a victory for the rights of individuals. This paper explains the factual situation in the given case, summarises the Advocate General's opinion and analyses the reasons that led the Court to the presented conclusions. The author also reflects on the jurisprudence of the Court, which led to the issuance of this decision and its importance in the field of AML and the protection of the right to privacy in general. Based on these facts, the conclusion presents the possible development of future beneficial ownership registers in the EU. https://blr.flaw.uniba.sk/index.php/BLR/article/view/725Register of Beneficial OwnersAMLSovim CaseTransparencyData ProtectionRight to Privacy |
| spellingShingle | Daniel Zigo CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) Bratislava Law Review Register of Beneficial Owners AML Sovim Case Transparency Data Protection Right to Privacy |
| title | CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) |
| title_full | CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) |
| title_fullStr | CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) |
| title_full_unstemmed | CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) |
| title_short | CJEU: WM and Sovim SA v. Luxembourg Business Registers (Joined Cases C-37/20 and C-601/20) |
| title_sort | cjeu wm and sovim sa v luxembourg business registers joined cases c 37 20 and c 601 20 |
| topic | Register of Beneficial Owners AML Sovim Case Transparency Data Protection Right to Privacy |
| url | https://blr.flaw.uniba.sk/index.php/BLR/article/view/725 |
| work_keys_str_mv | AT danielzigo cjeuwmandsovimsavluxembourgbusinessregistersjoinedcasesc3720andc60120 |