ABSTRACT – On 22 November 2022, the Court of Justice, in the case WM and Sovim SA v Luxembourg Business Registers, declared invalid the provision allowing the public access to information on the beneficial owners of companies and legal entities. The decision is of particular interest for two reasons. To begin with, it downgrades the European legislator’s approach to ‘full transparency’. In addition, it contrasts with the choice made at the international level to emphasise the transparency of corporate structures as one of the main pillars for strengthening the system for preventing money laundering and terrorism. The present analysis aims to develop some critical considerations on the appropriateness of an invalidity ruling in this case.
