The clarification in the recital preserves the soundness of the legal framework that underpins the competitiveness and ability to innovate in the EU financial markets, without compromising the purpose of the directive which is to prevent the establishment of specific legal arrangements, including trusts, to launder money by hiding the beneficial owners.
The clarification in the recital preserves the soundness of the legal framework that underpins the competitiveness and ability to innovate in the EU financial markets, without compromising the purpose of the directive which is to prevent the establishment of specific legal arrangements, including trusts, to launder money by hiding the beneficial owners.