EU Court clears Italy to unmask trust beneficiaries under AML law
EU judges ruled Italy may require fiduciary trusts to reveal their ultimate beneficiaries.
Why it matters: The decision strengthens transparency requirements for managing trusts in the EU and aligns national regulations with EU anti-money laundering directives. Firms handling fiduciary trusts face new compliance duties, impacting structures for asset management and client confidentiality.
- On May 21, 2026, the CJEU backed Italy's right to mandate trust beneficiary disclosure.
- Italy's Legislative Decree No. 210, in force since Jan. 9, 2026, underpins the new rules.
- The move aligns with Italy's transposition of the sixth Anti-Money-Laundering Directive.
- Italy amended its main AML law, Decree No. 231/2007, to support stricter oversight.
The Court of Justice of the European Union (CJEU) ruled on May 21, 2026, that Italy can compel fiduciary trusts to disclose their ultimate beneficiaries as part of its anti-money laundering (AML) strategy. This step allows Italy to treat fiduciary trusts like other trust structures for transparency purposes.
- Italy's Legislative Decree No. 210, effective January 9, 2026, mandates more robust access to beneficial ownership registers and adapts Italy’s regulations to meet updated EU requirements.
- The decree amends the country’s core AML legislation—Decree No. 231/2007—to support stricter disclosure and enforcement.
- This follows the EU’s broader push to enhance transparency and ensure member states meet international AML standards, as outlined in the sixth Anti-Money-Laundering Directive.
- According to Amilcare Sada, partner at A&O Shearman, "The new legislation represents a significant step in the process of transposing the sixth Anti-Money-Laundering Directive, helping to close the gap vis-à-vis EU obligations and addressing data protection concerns relating to beneficial owners that led to the suspension of the AML Register."
The CJEU’s decision reinforces a compliance trend affecting legal professionals overseeing trust and asset structures across the EU, with particular implications for firms advising on or administering fiduciary vehicles in Italy.
By the numbers:
- Jan. 9, 2026 — Italy's Decree No. 210 entered into force.
- May 21, 2026 — CJEU ruling affirmed Italy's enhanced AML transparency rules.
Yes, but: Specifics on how Italy will implement the CJEU ruling and direct industry responses are not yet available.