Earlier today we have reported that the UK, Germany, Italy, France and Spain are going to automatically share information on the ultimate owners of companies (see our article from earlier today). In the article we have reported that the Ministers of Finance of the aforementioned 5 countries sent a joint letter to their G20 counterparts in which they urge for progress towards a fully global exchange of beneficial ownership information in order to remove ‘the veil of secrecy under which criminals operate’. In their letter the Ministers also plea to mandate the OECD to develop common international standards for these registries and their interlinking in cooperation with FATF (Financial Action Task Force). The G20 seems to have embraced the proposal.
In point 8 of the Communiqué as issued by the G20 Finance Ministers and Central bank Governors on April 15, 2016 the following is stated:
“The G20 reiterates the high priority it attaches to financial transparency and effective implementation of the standards on transparency by all, in particular with regard to the beneficial ownership of legal persons and legal arrangements. Improving the transparency of the beneficial ownership of legal persons and legal arrangements is vital to protect the integrity of the international financial system, and to prevent misuse of these entities and arrangements for corruption, tax evasion, terrorist financing and money laundering. The G20 reiterates that it is essential that all countries and jurisdictions fully implement the FATF standards on transparency and beneficial ownership of legal persons and legal arrangements and we express our determination to lead by example in this regard. We particularly stress the importance of countries and jurisdictions improving the availability of beneficial ownership information to, and its international exchange between, competent authorities for the purposes of tackling tax evasion, terrorist financing and money laundering. We ask the FATF and the Global Forum on Transparency and Exchange of Information for Tax Purposes to make initial proposals by our October meeting on ways to improve the implementation of the international standards on transparency, including on the availability of beneficial ownership information, and its international exchange.”
Click here to be forwarded to the G20 Communiqué as available on the website of the Japanese Ministry of Finance, which will open in a new window.
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