For once (yes, it happens) the legal authorities of the EU are in the right, in my view, and their critics are wrong, contrary to what Henry Williams, author of this article in CapX, says.
A top EU court has ruled that creating public registers of beneficial ownership, so that everyone can just find out who owns what, is a dangerous loss of privacy. In my view, if people are concerned that X or Y is an owner of a company or trust and that is somehow nefarious, they should get clearance first from a court or suitable legal authority and show some reason for the desire to obtain that data. It is not, in my view, acceptable to put everyone’s beneficial ownership details in the public domain so that journalists and others, many of whom seem to have it in for anyone whom they deem rich, can put this information into the public domain. For instance, public registers means that people can simply go on “fishing expeditions” and dump all kinds of financial data into the public domain, and damn the consequences. Sure, if politicians and the like have questionable financial affairs, some on the libertarian side will think they are fair game, but those whose only “crime” is to be rich or successful will get caught in the crossfire.
There are also risks, as lawyers have pointed out, that such owners can be targeted by gangs. This is not paranoia. And paradoxically, the pressure for beneficial ownership disclosure clashes with data protection rules in the EU – known as GDPR.
It is arguable that Swiss bank secrecy was a step too far, but there is such a thing as legitimate privacy. Would, for example, the author of the linked article from CapX be happy for there to be public databases, accessible to all, of medical information, etc? (Maybe he is.) We seem to live in an era where due process of law and respect for privacy are forgotten or seen as old-fashioned issues.
Being independent of the EU does not mean that everything in the EU is bad or worse than in the UK. Occasionally, the EU gets things right. The key is that decisions rest in the hands of the UK electorate.
Financial privacy is not a popular subject, and there are lots of campaigners, sometimes coming from a good place, who think putting everything in the public domain is a good thing. They are wrong, and for once, a court has done the right thing. I doubt, of course, that this debate is over.