This report concerns the Parliament's first-reading position on the proposed fourth Anti-Money Laundering Directive. The major positive in the report from the civil liberties, justice and home affairs, and economic and monetary affairs committees is the public register of beneficial owners – the result of a compromise between all political groups. This allows full public access to the information on beneficial ownership, subject to the identification of the person seeking the information. It also ensures that trusts and other such legal arrangements are treated as registered companies in terms of the transparency measures required. However, on the related issue of the level of shareholding which may constitute evidence of beneficial ownership, the S&D Group was unsuccessful in trying to lower this level from 25% to 10%. We may table an amendment in plenary on this point.