European Free Trade Association (EFTA): European Free Trade Association Court issues opinion on the scope of access to beneficial ownership information under anti-money laundering rules within the EEA agreement (Cases E-1/24 and E-7/24)

On 7 May 2025, the European Free Trade Association (EFTA) Court delivered an advisory opinion in joined Cases E-1/24 and E-7/24 concerning access to beneficial ownership information under anti-money laundering law in the context of the European Economic Area (EEA) Agreement. The cases arose from proceedings before the Administrative Court of Liechtenstein, following refusals to disclose information from the national register of beneficial owners. In Case E-7/24, the Court held that persons whose only connection to predicate offences is financial harm may demonstrate a legitimate interest in accessing beneficial ownership information, provided this is substantiated on a case-by-case basis. It clarified that such substantiation is both necessary and sufficient, and that procedural rules must comply with the principles of equivalence and effectiveness. In Case E-1/24, the Court found that national legislation requiring the naming of the legal entity is neither required nor precluded by Article 30(5) of Directive 2015/849, but must not make the right of access excessively difficult in practice.