Rise Project has shown in this article that important companies having contracts with Romanian State use bearer shares, thus obscuring the real beneficiaries (the article mainly provides an example of a company that many speculate is connected to the in power party leader).
deficiencies were identified in respect of availability of information on bearer shares, availability of information on foreign companies with sufficient nexus with Romania and lack of enforcement measures regarding shareholder register’s maintenance requirements for public companies.
There seem to be an EU directive related to the subject:
Bearer shares. Under the Fourth AML Directive, Member States will be required to prohibit companies from issuing bearer shares (defined as an equity wholly owned by a person/entity that holds the physical stock certificate and where the issuing firm neither registers the owner of the stock, nor does it track transfers of ownership). Current bearer shareholders will be permitted a nine-month period to exchange their bearer shares for registered shares.
Question: why does EU not seem to force all member countries to abolish bearer shares?