The Global Forum on Transparency and Exchange of Information (Global Forum) has released its first ever beneficial ownership toolkit designed to help governments, particularly in developing countries, comply with international transparency standards
The toolkit, prepared in partnership with the Inter-American Development Bank, was developed to support forum members and in particular developing countries.
The Global Forum has developed the toolkit because it believes the current beneficial ownership standard does not provide a specific method for implementing it.
To assist policymakers in assessing different implementation options, the toolkit therefore contains policy considerations that Global Forum members can use in implementing the legal and supervisory frameworks needed to identify, collect and maintain the necessary beneficial ownership information.
The toolkit covers a variety of issues regarding beneficial ownership. These include the concepts of beneficial owners and ownership, the criteria used to identify them, and the importance of the matter for transparency in the financial and non-financial sectors.
It also covers technical aspects of beneficial ownership requirements, distinguishing between legal persons and legal arrangements such as trusts, and measures being taken internationally to ensure the availability of information on beneficial ownership.
The Global Forum consists of member countries as well as other jurisdictions that have agreed to implement tax related transparency and information exchange.
The Forum works under the auspices of the Organisation for Economic Co-operation and Development (OECD).
The OECD’s Beneficial Ownership Implementation Toolkit can be found here.
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