Privacy vs Transparency

The Court of Justice of the European Union (CJEU) has just published a ruling in which it considers invalid the provision of the EU anti-money laundering directive that makes information on the beneficial owners of companies public.
Whilst many are claiming a victory for Privacy, many in the Financial Crime and Compliance space are lamenting this as a blow to the Transparency required to truly tackle illicit financial activity.
What are your thoughts?
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