France sticks with public register of beneficial owners despite EU court ruling

The French Government minister of Economy, Finance and Industrial and Digital Sovereignty, has "decided to maintain general public access to data from the register of beneficial owners pending drawing all the consequences of the judgment of the Court of Justice of the European Union".

Bruno Le Maire said in a statement on 19 January: "France is strongly committed to the fight for the transparency of beneficial owners of companies. 

"Publicity and free access to the register of beneficial owners has been guaranteed as part of the transposition of the fifth European directive on the fight against money laundering and the financing of terrorism. 

"France will continue to take ambitious positions regarding the sixth directive under negotiation, which will have to be adapted to take into account the CJEU's decision."

On the occasion of the transition to the national business register on January 1, 2023, access to data from the national register of beneficial owners has been temporarily suspended for technical reasons. This access was restored today from the site of the National Institute of Industrial Property (INPI).

The future methods of access to the data of the register of beneficial owners taking into account the decision of the CJEU will be defined soon, in conjunction with the stakeholders. In particular, they will allow press organs and civil society organizations with a legitimate interest to continue to access the register.

On November 22, 2022, the Court of Justice of the European Union invalidated the mechanism according to which information on the beneficial owners of companies must be accessible in all cases to any member of the general public, considering that this opening constituted a serious interference. under the Charter of Fundamental Rights of the European Union

In reaction, Geoff Cook, Jersey-based chair of Mourant Consulting posted on LinkedIn: "The Rule of Law once underpinned western democracies, now even governments ignore it when it suits them.  Behind it the presumption that I am right and I have might.  It's a dangerous trend."