David Cameron hosted an Anti-corruption summit in London on 12 May 2016. Commitments were made by governments around the world to implement measures to tackle tax evasion and broader corruption in a further push towards global tax transparency.
The following are some of the key areas set out at the summit:
- The UK will establish a public register of company beneficial ownership information for foreign companies who already own or buy property in
the UK, or who bid on UK central government contracts;
- Building on the UK Bribery Act 2010, the UK is introducing a penalty for UK companies that fail to prevent their employees from facilitating tax evasion, including in other jurisdictions; and is launching a consultation on extending this penalty to a wider range of economic crimes, such as money-laundering, fraud and false accounting;
- Five additional countries, including France, have agreed to create public registers of beneficial ownership and six more will explore similar arrangements; and
- Over 30 countries, including the UK have agreed to automatically exchange their entire registries of beneficial ownership information.
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