The limitations on the capability of minority groups within the
EP posturing as democratic voices has been exposed, but
unfortunately not nipped in the bud.
The European Parliament has limited, if not zero legal capacity
to override the Treaties and their principles.
The Recommendation made by the EP on the basis of scandalising
minority reports for Registers of Trust goes beyond their
Parliamentary remit, and certainly beyond the recommendations of
the Commission whose hands, like the EP's are tied by a
justifiably limited jurisdiction under the Treaties.
The UK Overseas Countries and Territories (OCTs) are
to be congratulated for taking this stance as they are in fact part
of the European Union, but with a specific protected status within
it. The relationship between the Overseas Territories and
the remainder of the EU is now govened by EU Decision
http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013D0755,
but they have no voice in the EP. A point which the French
regularly override for non-French OCTs : "pseudo -Démocratique,
non?"
To cite Giscard d'Estaing's cannibalisation of Pericles'
definition in the first draft of the European Constitution
"We call it a democracy, because power is in the hands of the
many and not of the few". A Committee of the EP with
distorted values is in name and substance, but a"few".
The G20 has said that the current position is the benchmark,
i.e. Official registers of beneficial ownership, but consultation
only by administrations.
Perhaps, if corruption really is the issue prompting this, the
EP should content itself with doing a search through the usual
non-public channels on the financial interests of MEPs, who should
submit on taking their seats to their personal holdings being
vetted through the present channels, to see whether these are
sufficient to compare their declared wealth and status with what
they actually have.
See a summary of the OTC attitude to this EP incursion at http://www.compasscayman.com/caycompass/2014/12/09/UK-territories-unite-against-public-company-registry/