G8 Beneficial ownership action plans analysis - updated as plans are published
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UKFranceGermanyItalyRussiaUSCanadaJapanG8 Principles
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URLhttps://www.gov.uk/government/uploads/system/uploads/attachment_data/file/207520/UK-Action-Plan.pdfhttp://www.economie.gouv.fr/plan-d-action-de-la-france-au-g8-juin-2013http://www.bundesregierung.de/Content/DE/StatischeSeiten/Breg/G8G20/Anlagen/g8-lough-erne-deutscher-aktionsplan.pdf;jsessionid=5FA57A17530978836EB8F8309522C2E9.s2t2?__blob=publicationFile&v=2http://www.tesoro.it/ufficio-stampa/comunicati/2013/documenti/Italyxs_Action_Plan_to_enhance_transparency_and_prevent_the_misuse_of_companies_and_trusts_-_Allegato_al_comunicato_nx_97.pdfhttp://www.fedsfm.ru/en/international-cooperation/action_planhttp://www.whitehouse.gov/the-press-office/2013/06/18/united-states-g-8-action-plan-transparency-company-ownership-and-controlhttp://pm.gc.ca/eng/media.asp?id=5547http://www.mofa.go.jp/files/000006562.pdfhttps://www.gov.uk/government/uploads/system/uploads/attachment_data/file/207532/G8-Action-Plan-principles-to-prevent-the-misuse-of-companies-and-legal-arrangements.pdf
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Will companies have to know who their own beneficial owner (BO) is? Yes - by amending the Companies Act 2006Yes - companies should know their BO. Shareholders above a certain % should be required to inform their company about whether they hold their respective shares on their own or on someone else’s behalf.YesYesNoYesYes
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Will create a private registry of BO? Yes - by amending the Companies Act 2006Will assess France’s central public registry for companies, including whether it should include BO informationNoItaly will assess whether BO information should be available on its registerYes - at state levelNoNoNo - but used as example on making BO accessible
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Say something about making info available to other countries (including developing ones)Will share trust "beneficial ownership" information with other jurisdictions in line with bilateral and multilateral agreementsSee intl cooperation section belowSee section on exchange of informationNot explicitly. Vague language about assessing “the effectiveness of existing means for complying with requests for mutual legal assistance” NoNoYes - should provide info on request
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Will consult on making BO public? (Or even commit to making it public)YesNoUnclear - basic information on Italy's registry is in the public domain, so if the government decides to include BO in the registry, it might also be publicStates have the option. Administration won’t push. NoNoNo
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Express trustsTrustees will be required to know the beneficial owners of trustsAlready covered by French lawNo mentionAdopt legislation to require trustees of trusts identify the beneficiaries of their trusts and disclose this information to competent authorities and banks and other entities obliged to carry out money laundering checksNo mentionTrustees will be required to know the BosHold their own
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International cooperationImprove international cooperation including the timely and effective exchange of basic and beneficial ownership information. Promote international cooperation on exchange of beneficial ownership
information on companies, trusts and other legal entities. To this end, promote
comprehensive obligations to be in place in all jurisdictions in order to ensure that
information is available for all sorts of entities and arrangements - is this a strong hint that the UK etc should be open about trusts?
Nothing new. Germany will rapidly, constructively and effectively provide international cooperation in
relation to basic and beneficial ownership information using the widest range of mutual
legal assistance as provided for under its laws and respective international agreements.
Promoting international cooperation on exchange of basic and beneficial ownership information on companies, trustees and other legal entitiesUS will assess the existing international cooperation situation. Will be conducting a consultation on improved access to accurate and timely info Strengthening international cooperation, including timely and effective exchange of basic information of company and of beneficial ownership informationNational authorities should cooperate effectively domestically and across borders to combat the abuse of companies and legal arrangements for illicit activity
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Designated Non-Financial Businesses and Profession (lawyers, company incorporation agents etc)Improve the supervision and enforcement of those who facilitate company formation. There will be a review of the supervision and enforcement of trust and company
service providers.
Review the application of the anti-money laundering legislation, including in relation to trust and company service providersEnhance the role of professionals in company formation and takeover. Encourage proper application of due diligence measures. Yes - company formation agents will have to carry out customer due diligence, including identifying the beneficial owners of their customers - modest victory. Ensure that appropriate sanctions are available and enforced for DNFBPs and financial institutions
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Risk assessmentYes - by 2014Yes - by the end of 2014Yes - work has already been initiated and a survey on the extent of money laundering within Germany and on the money laundering risks in individual business sectors is expected to be finalized by the end of 2014. Germany wants more involvement of EC in risk assessments, and better coordination between EU member statesYes - by the end of 2014. YesWill develop a new AML risk assessment framework. Conduct by 2014-15 its first formal assessment of AML risks related to companies and trustsYesYes
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Bearer sharesConsult on bearer shares with a pre-consultation paper published before September 2013New law just passed: bearer shares may only be issued if (1) the shares of the stock corporation are publicly listed or (2) ifthe shares have been immobilised. In the latter case, the law will require them to be held with a regulated financial institution or professional intermediary.Will be conducting a consultation on disclosure of ownership inforamtion re bearer shares
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Nominees
Will be conducting a consultation on disclosure of nominee shareholders of info on whom they are acting for
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Other stuff- Support the Overseas Territories and Crown Dependencies to publish action plans on beneficial ownership
- Company law is devolved in Northern Ireland, so the UK will work with the Northern Ireland Executive
Strengthen the legal framework and sanctions regarding the fight against corruption, tax evasion and tax fraud, for instance in the case of misuse of foreign entities and legal arrangements. There are two laws in progress.Propose a database of bank account BO info. Germany is in favour of reinforcing the existing framework on the transparency of legal persons in order to enable the competent authorities to access information on the ultimate beneficial owners in a timely manner. Such access can additionally be efficiently supported through an account data retrieval system that technically allows competent authorities the automated retrieval of all relevant account data including beneficial owner information. The recorded information is provided by the obliged financial institutions based on data collected through their customer due diligence measures, including their compliance with the identification and verification requirements regarding the beneficial owners of companies
Italy will the need for the improvement of the current basic information systemCaveats that this is the administration advocating for reform - Congress needs to bring forward law. Will be consulting on establishing a central registry of entities incorporated under Canada Business Corporations Act (i.e. not BO info; just regular info). Beginning Feb. 1, 2014, financial institutions and other “intermediaries” will have to know BO of companies & trust as part of their due diligenceWill report on action plans publicly and to FATF
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