G5 to establish registers of beneficial owners of companies

G5 to establish registers of beneficial owners

The finance ministers of the G5 countries—the United Kingdom, Germany, France, Italy, and Spain—have co-written a letter to their G20 country counterparts announcing an intention to establish registers requiring that beneficial owners of companies, trusts, foundations, shell companies, and other entities and arrangements be identified and be available for tax administrations and law enforcement authorities. The finance ministers referenced the “Panama papers” in their letter.

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In their April 2016 letter [PDF 587 KB], the G5 finance ministers announced a pilot initiative for the automatic exchange of such information on beneficial ownership. It is intended that this process will mirror the common reporting standard (CRS) regime. The G5 finance ministers’ letter urges cooperation in establishing a global network of such registers.

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