HM Treasury Published a List of 41 Countries Which Are Committed to Share Beneficial Ownership Information

 

We previously posted on April 25, 2016 that Over 20 Countries Join UK-led Pilot for Automatic Data Sharing! where we discussed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up.

Now HM Treasury has published a list of 41 countries which have committed to sharing beneficial ownership information. 

Shortly after the leak of the “Panama Papers,” the G5 countries, spearheaded efforts to take such collective action, unveiling a new agreement to do so at the International Monetary Fund (IMF) meeting in Washington, D.C. in April 2016. 

Belgium, Bermuda, Cayman Islands, Cyprus, Gibraltar, Isle of Man, Jersey, Luxembourg, Malta and Netherlands, are countries where many trusts and companies are established for worldwide tax planning based upon their favorable local tax laws and there confidentiality laws; have also joined the list of other countries that have agreed to take collective action on increasing beneficial ownership transparency, including disclosing the real person associated with each company or trust. 

The list include the following countries which support the initiative for Automatic Exchange of Information on Beneficial Ownership:

1. Afghanistan
2. Anguilla
3. Austria
4. Belgium
5. Bermuda
6. Bulgaria
7. Cayman Islands
8. Croatia
9. Cyprus
10. Czech Republic
11. Denmark
12. Estonia
13. Finland
14. France
15. Gibraltar
16. Germany
17. Greece
18. Hungary
19. Iceland
20. India
21. Ireland
22. Isle of Man
23. Italy
24. Jersey
25. Latvia
26. Lithuania
27. Luxembourg
28. Malta
29. Mexico
30. Montserrat
31. Netherlands
32. Nigeria
33. Poland
34. Portugal
35. Romania
36. Slovakia
37. Slovenia
38. Spain
39. Sweden
40. United Arab Emirates
41. United Kingdom

The next stage will be for the development of a global standard for this exchange.  

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