UK Chancellor George Osborne has announced that over 20 countries have signed up to a new pilot scheme for exchanging information held on beneficial ownership registers, as well as trust registers.
Mr Osborne expressed his satisfaction: ‘Only one week after the UK launched the scheme with our closest EU partners, it is already gaining the international support that is needed to make it a true success.’
Last week the G5 countries (the UK, Germany, France, Spain and Italy) started looking into the best way for countries to share this information, with the goal to developing a common international standard and the joining of registers from each member jurisdiction. The G5 countries have suggested that the OECD and the FATF develop the recommended standard.
The following countries have already agreed to become involved in the scheme:
The Czech Republic.