The requirement to demonstrate a legitimate interest will not apply, however, to trusts which hold a controlling interest in an offshore company (or other legal entity such as a charity) that is not registered on any EEA Member State's corporate beneficial ownership register. Controlling interests for these purposes are those holding 25% or more of the shares or voting rights or other significant influence or control. All of the beneficial ownership information about these trusts will be available to anyone in the world, with no requirement to demonstrate an interest in or suspicion of money laundering or terrorist financing. This change to the rules is a major concern, particularly for offshore trusts which often hold assets via offshore corporate vehicles. It remains to be seen how the government will implement this aspect and whether they will be mindful of the damage this may do to the UK's trust and financial services industries.