(CN) — A financial arrangement built to keep one person’s name off another person’s assets ran headfirst into Europe’s anti-money laundering rules Thursday, as EU judges backed Italy’s push to uncover who is really behind the money.
In a ruling spanning two joined cases, the Court of Justice of the European Union sided largely with Italy and EU lawmakers against several Italian fiduciary companies that argued the disclosure system violated privacy rights, created legal uncertainty and reached too deeply into private financial affairs.
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