The OECD has published a beneficial ownership toolkit to help countries implement international transparency standards for information on the beneficial owners of companies and other legal entities.
The toolkit was developed to support global forum members, and developing countries in particular, since the current beneficial ownership standard does not provide a specific method for implementation.
Pascal Saint-Amans, head of the OECD’s centre for tax policy and administration, said: ‘Transparency of beneficial ownership information is essential to deterring, detecting and disrupting tax evasion and other financial crimes. The global forum’s standard on beneficial ownership offers jurisdictions flexibility in how they implement the standard to take account of different legal systems and cultures. However, that flexibility can pose challenges particularly to developing countries’.
The OECD has published a beneficial ownership toolkit to help countries implement international transparency standards for information on the beneficial owners of companies and other legal entities.
The toolkit was developed to support global forum members, and developing countries in particular, since the current beneficial ownership standard does not provide a specific method for implementation.
Pascal Saint-Amans, head of the OECD’s centre for tax policy and administration, said: ‘Transparency of beneficial ownership information is essential to deterring, detecting and disrupting tax evasion and other financial crimes. The global forum’s standard on beneficial ownership offers jurisdictions flexibility in how they implement the standard to take account of different legal systems and cultures. However, that flexibility can pose challenges particularly to developing countries’.
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