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HM Treasury Published a List of 41 Countries Which Are Committed to Share Beneficial Ownership Information

HM Treasury Published a List of 41 Countries Which Are Committed to Share Beneficial Ownership Information


We previously posted on April 25, 2016 that Over 20 Countries Join UK-led Pilot for Automatic Data Sharing! where we discussed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up.

Now HM Treasury has published a list of 41 countries which have committed to sharing beneficial ownership information. 

Shortly after the leak of the “Panama Papers,” the G5 countries, spearheaded efforts to take such collective action, unveiling a new agreement to do so at the International Monetary Fund (IMF) meeting in Washington, D.C. in April 2016. 

Belgium, Bermuda, Cayman Islands, Cyprus, Gibraltar, Isle of Man, Jersey, Luxembourg, Malta and Netherlands, are countries where many trusts and companies are established for worldwide tax planning based upon their favorable local tax laws and there confidentiality laws; have also joined the list of other countries that have agreed to take collective action on increasing beneficial ownership transparency, including disclosing the real person associated with each company or trust. 

The list include the following countries which support the initiative for Automatic Exchange of Information on Beneficial Ownership:

  1. Afghanistan
  2. Anguilla
  3. Austria
  4. Belgium
  5. Bermuda
  6. Bulgaria
  7. Cayman Islands
  8. Croatia
  9. Cyprus
  10. Czech Republic
  11. Denmark
  12. Estonia
  13. Finland
  14. France
  15. Gibraltar
  16. Germany
  17. Greece
  18. Hungary
  19. Iceland
  20. India
  21. Ireland
  22. Isle of Man
  23. Italy
  24. Jersey
  25. Latvia
  26. Lithuania
  27. Luxembourg
  28. Malta
  29. Mexico
  30. Montserrat
  31. Netherlands
  32. Nigeria
  33. Poland
  34. Portugal
  35. Romania
  36. Slovakia
  37. Slovenia
  38. Spain
  39. Sweden
  40. United Arab Emirates
  41. United Kingdom
The next stage will be for the development of a global standard for this exchange.  

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Read more at: Tax Times blog

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