April 15, 2016
Five European countries agreed to automatically share information on the ultimate owners of companies and trusts and to press Group of 20 nations to adopt the same standards.
The U.K., Germany, France, Italy and Spain will allow data on company beneficial-ownership registers and new registers of trusts to be exchanged between the countries’ tax and law-enforcement agencies, ministers from the five countries said Thursday at a joint press conference in Washington. The five counterparts in the G-20 are pushing for the agreement to be implemented globally. Public outrage generated this month by the exposure of billions of dollars in assets hidden in Panama, including accounts held by politicians and celebrities, spurred the finance ministers to reach agreement and ended resistance to retaining privacy for certain types of investment vehicles.
Getting other jurisdictions to join the pact will now be key to the success of the initiative. Angel Gurria, head of the Organization for Economic Cooperation and Development, said it was it was normal for a small group of countries to take the initiative, allowing others to join later.