BRUSSELS: Owners of secretive companies in Europe will have a harder time keeping out of the public eye, EU negotiators agreed on Wednesday, in another blow against opaque business practices after the LuxLeaks scandal.

The agreement reached by the European Commission, European parliament and member states approves the creation of a central register that will expose the ultimate ownership of all Europe-based companies or trusts. Crucially, the registry will be accessible to anyone with a “legitimate interest” in identifying owners, such as investigative journalists and concerned citizens, though activists had hoped the access would be fully public.

“For years, criminals in Europe have used the anonymity of offshore companies and accounts to obscure their financial dealings,” said Krisjanis Karins, rapporteur for the proposed law.

Published in Dawn December 18th , 2014