Sluggish G20 response to 2014 beneficial ownership promises, says TI

Transparency International has concluded in a detailed review [1] that G20 governments have largely reacted sluggishly to pledges made last November (2014) to insist on beneficial ownership declarations over assets within their jurisdictions. Meeting in Australia, the G20 agreed a comprehensive approach on beneficial ownership, starting with governments having to legally define the principle in an acceptable way. They also had to undertake risk assessments of how G20 countries’ legal and corporate systems helped companies and individuals hide their assets. And the declaration insisted upon information on the beneficial ownership of companies, corporations and trusts, plus other legal entities, being made available. G20 governments promised to say how financial institutions, businesses and professions should go about this; promote domestic and international cooperation on the issue; prevent tax evasion associated with hiding beneficial ownership; and establish information rules on bearer shares and nominees.