Anti-money laundering: Subject to a legitimate interest, the public has access to information on the beneficial ownership of trust mandates governed by Italian law (CJEU)
According to the Judgment of the Court of Justice dated 21.5.2026 in Joined Cases C-684/24 (Across Fiduciaria and Others) and C-685/24 (Unione Fiduciaria and Others), subject to a legitimate interest, the public has access to information on the beneficial ownership of trust mandates governed by Italian law. According to common practice, a trust mandate is an agreement whereby a trustee is entrusted with the management of property or rights in the interests of the settlor or other beneficiaries. Under the 4th Anti-Money Laundering Directive, [1] Member States must ensure that trustees provide, hold and make accessible information on the beneficial owners of trusts. Those obligations also extend to other legal arrangements with a structure or functions similar to trusts. The Italian authorities have adopted measures to implement those obligations and have considered that the Italian trust mandate (mandato fiduciario) constitutes such a similar legal arrangement. They therefore...