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G5 to pilot beneficial ownership information exchange

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The UK has agreed with Germany, France, Italy and Spain to develop automatic exchange of information on beneficial ownership of companies, trusts, foundations, shell companies and other relevant entities. Recognising that ‘to be fully effective such exchange should be on a global basis’, finance ministers of these five countries have written a joint letter to their G20 counterparts urging progress towards full international cooperation, leading to a new ‘single global standard’ under the auspices of the OECD and FATF.

The group also hopes to see the OECD and FATF oversee development of a system of interlinked registries containing full benefit ownership information. See

Delivering his ‘update on tax transparency’ to the G20 in Washington DC, the OECD secretary-general urged the international community to ‘call time’ on those countries still refusing to implement internationally agreed tax transparency standards. Even now, 26 jurisdictions are still rated as, at best, ‘partially compliant’ with the existing standard on exchange of information on request. While 98 jurisdictions have so far committed to adopting the common reporting standard (CRS), Panama and Bahrain have yet to do so. The OECD is pressing for full implementation of the standard on exchange of information on request by the G20 summit in 2017. It also suggests that G20 members consider defensive measures against jurisdictions which do not comply with the CRS and automatic exchange of information. 

Issue: 1305
Categories: News