June 9, 2016
India has joined a group of nearly 40 nations that have signed a Europe-led clampdown on tax evasion and corruption, committing to automatically exchange information on beneficial ownership, the UK government said.
The following countries have committed to the initiative to automatically exchange information on beneficial ownership. The next stage will be for the development of a global standard for this exchange,” said a release on Wednesday by the UK’s Treasury Department with a list of all those signed up.
Besides India, some of the other countries outside Europe on the list include Afghanistan, Nigeria, Mexico and the UAE.
The initiative aims to develop a global standard for the automatic exchange of beneficial ownership data between law enforcement agencies and tax authorities of partner countries.
“This will mean that everyone in the world will be able to see who really owns and controls each and every company in these countries,” Cameron had said last month when he had announced the new initiative at the Anti-Corruption Summit 2016 here.