G5 Countries Agree to Exchange Beneficial Ownership Information and G20 Mandates the OECD to Develop Criteria to Identify Non-Cooperative Countries by July

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Author: 

Bruce Zagaris

Date Published: 

Friday, April 22, 2016

Volume: 

32

Issue: 

4

Subject Areas: 

Adjective Assistance, Research, Teaching
Adjective Enforcement
Bank Secrecy
Comparative and International Law
Compliance
Conferences
Conspiracy
Cross-Border Communication
Data Sharing
Disclosure
European Union
Evidence Gathering
Evidence Sharing
FATF
Financial Enforcement
Financial Supervision
Information Exchange
International Banking Supervision
International Cooperation
International Crimes
Law Enforcement
Mutual Legal Assistance
Offshore trusts
Oversight
Policy/Directives
Transparency

Geographic Identifier: 

European Union
United States

Abstract: 

On April 14, 2016, five European Union countries announced the start of a pilot initiative for automatic exchange of information on beneficial ownership in order to provide their tax and other relevant authorities full knowledge of vast amounts of information and assist in tracking the complex offshore trails used by criminals. On April 15, 2016, the meeting of the Finance Ministers and Central bank Governors of the G20 issued a Communiqué, requiring the OECD by July 2016 to publish objective criteria to identify non-cooperative jurisdictions with respect to tax transparency.