Finance Ministry Restricts Access to Business Beneficial Ownership Data

The Finance Ministry is preparing changes that will restrict access to beneficial ownership data in the business registry. In future, only institutions that need this information for their work and individuals who can justify their interest will be able to view this data. The change means that ordinary citizens will no longer be able to freely browse beneficial owner information.

The Finance Ministry is developing changes that will significantly restrict access to beneficial ownership data in the business registry. Until now, this information has been freely available to anyone interested, but the situation will change dramatically in future.

Under the planned changes, beneficial ownership data will be accessible only to institutions that need it for their work — for example, supervisory and law enforcement authorities. In addition to these, private individuals will be able to access the data if they can clearly justify their interest.

The change means that ordinary citizens and businesses that cannot justify their need for access will lose the ability to search for beneficial owner information in the business registry. This reduces transparency, which has so far been considered an important tool for combating money laundering.

The public availability of beneficial ownership data has been widely debated in Europe following a ruling by the Court of Justice of the European Union that cast doubt on unrestricted disclosure of such data. Several countries have already implemented similar restrictions, balancing the need for transparency with the protection of personal data.