Beneficial Owner Identification- G20.
One area that has received attention is Beneficial Ownership regarding companies and Trusts, and it is now necessary that information is made available to relevant Authorities to enable them to identify all parties involved.
There was a suggestion of a central registry for companies and trusts but this hasn’t been agreed.
‘Countries should ensure that competent authorities (including law enforcement and prosecutorial authorities, supervisory authorities, tax authorities and financial intelligence units) have timely access to adequate, accurate and current information regarding the beneficial ownership of legal persons. Countries could implement this, for example, through central registries of beneficial ownership of legal persons or other appropriate mechanisms.’
For Trusts: ‘Countries should ensure that trustees of express trusts maintain adequate, accurate and current beneficial ownership information, including information of settlors, the protector (if any) trustees and beneficiaries. These measures should also apply to other legal arrangements with a structure or function similar to express trusts.’
Overall: ‘Countries should support G20 efforts to combat tax evasion by ensuring that beneficial ownership information is accessible to their tax authorities and can be exchanged with relevant international counterparts in a timely and effective manner.’