EFTA Court rules on access to Liechtenstein's beneficial ownership register
On 7 May 2025 the EFTA Court answered questions from Liechtenstein's Administrative Court about access to the register of beneficial owners. It held that showing a legitimate interest is necessary and sufficient for access, and that a rigid national rule always requiring the applicant to name the legal entity, rather than the beneficial owner, could make access excessively difficult.
Joined Cases E-1/24 (TC) and E-7/24 (AA) arose from refused requests to inspect Liechtenstein's register of beneficial owners. In one, the applicant had named alleged beneficial owners but not specific legal entities, as national law requires. In the other, the Office of Justice found no legitimate interest.
What the Court said
- Substantiating a legitimate interest is both necessary and sufficient to obtain access to beneficial ownership information.
- Correctly applied, national law should ensure information is disclosed only where appropriate, necessary and proportionate to the aim of fighting money laundering.
- Procedural rules are for each EEA state, but they must respect the principle of effectiveness. A rigid requirement always to specify the legal entity, without considering the circumstances, could make the right of access excessively difficult.
What happens next
The Administrative Court decides the two cases applying the opinion. Liechtenstein, as an EEA state, must also implement the access rules of the EU's sixth anti-money laundering directive.
Who is affected
Liechtenstein companies, foundations and trusts and their beneficial owners, and journalists, researchers and others applying for access.