On April 22, 2016 the Government of the Isle of Man issued a press release announcing that it will join the G5 initiative on the automatic exchange of beneficial ownership information.

On April 14, 2016 the so-called G5 (Germany, France, Italy, the United Kingdom and Spain)  announced they had agreed to automatically exchange information on the beneficial owners of companies, trusts, foundations and shell companies with law enforcement as well as tax administrations and that they are looking to the Organisation for Economic Cooperation and Development (OECD) and Financial Action Task Force (FATF) to develop common international standards for this new system. (See our Article from April 15, 2016)

This initiative was subsequently embraced by the G20. (See our Article from April 15, 2016)

During an informal ECOFIN meeting the Finance Ministers of the European Union agreed to enter into a pilot project for the automatic exchange of information on ultimate beneficial owners as a follow-up to last weeks letter by the so-called G5 (See our Article from April 23, 2016)

And the ‘most recent' development is that the Isle of Man also joined the G5 G5 initiative on automatic exchange of beneficial ownership information.

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