Now That The ‘Koala Kuddles’ Are Over, Here’s What The G20 Agreed On Beneficial Ownership

Read this post in the present. Learn what the future holds (or not) for the next generation.


(Aussie PM Tom Abbott and US President Obama)

Don’t expect much by way of surprises because the October 22-24 Financial Action Task Force (FATF) meeting and the OECD Global Forum on Transparency and Exchange of Tax Information Berlin plenary, also held this past October, provided some useful sign-posts to what G20Brisbane would be minded to agree to.

Importantly, now that one of its members, the United Kingdom, has finally gotten rid of ‘bearer shares’- almost twenty years after the OECD called on tax havens to do so – the G20 High Level Principles on Beneficial Ownership Transparency inludes  the expected ‘beefed up’ language in this regard.

A conspicuous though not unexpected absence is agreement on public registries of beneficial ownership with consensus reached only on such registries being made accessible to law enforcement, tax authourities, finanical intelligence units and their international counterparts.

The requirement to provide ultimate beneficial owner information…

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