This week the European Parliament passed a provision following a vote in favour to ratify the Fourth Money Laundering Directive, authorising registers regarding beneficial ownership of all trusts and companies in every EU member state. The official transcript is likely to be approved and consequently published and brought into effect in June or July circa 2017, triggering the start of the two-year countdown to each member states implementation of the directive. This move marks the movement towards greater transparency for the tax and finance world.
These measures will most likely start to include more transparency of trust arrangements and banking details. To achieve this entirely, processes are being made through various legislation both within the EU and on a global level. The OECD have always made it their key objective to progress in this area and this is demonstrated by their country-by-country reporting system.