The OECD has recently carried out peer reviews which concentrate on the availability of beneficial ownership details.
In total, ten jurisdictions were evaluated in relation to beneficial ownership information and compliance. The OECD rated Norway, Ireland and Mauritius as “Compliant” whereas Jamaica received a rating of “Partially compliant”. And so, this result led to the Global Forum initiating an accompanying report to assure a higher level of compliance in Jamaica.
Following this, Canada, Australia and Qatar are included in the 6 largely compliant jurisdictions, but still require improvements. The remaining three countries of the 6 jurisdictions which are the Cayman Islands, Germany and Bermuda, received the most compliant rating by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.
For instance, The Global Forum recorded Canada as having universally well-enforced in practice its beneficial ownership plans but that enhancements were needed with regards to the legal structure.