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International Support For Beneficial Ownership Info Exchange

Wednesday, April 27, 2016

More than 20 jurisdictions have signed up to a pilot project to exchange data held on beneficial ownership registers and registers of trusts, according to UK Chancellor George Osborne.

Osborne last week announced that the UK, France, Germany, Italy, and Spain are to explore the best way for countries to share this information, with a view to developing a global common standard and the interlinking of national registers. The five countries have suggested that the Organisation for Economic Cooperation and Development and the Financial Action Task Force develop the recommended standard.

Osborne commented: "Only a week after Britain launched this initiative with some of our closest European partners, it's gaining the international support that will be vital to make it truly effective."

The following jurisdictions have now agreed to take part in the project: Gibraltar, the Isle of Man, Montserrat, the Netherlands, Romania, Sweden, Finland, Slovakia, Latvia, Croatia, Belgium, Ireland, Slovenia, Denmark, Malta, Lithuania, Cyprus, Bulgaria, Portugal, Estonia, Greece, and the Czech Republic.

Osborne added: "It should be clear to all countries and tax jurisdictions that the world is moving firmly in the direction of greater tax transparency and the UK will continue to push for an internationally agreed blacklist for those that refuse to do the right thing."