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Big European Nations Agree on Sharing Beneficial-Ownership Data

  • U.K., France, Italy, Spain, Germany Press for G-20 Accord
  • OECD's Gurria sees initiative `catching fire' and spreading
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Source: Getty Images

Five European countries agreed to automatically share information on the ultimate owners of companies and trusts and to press Group of 20 nations to adopt the same standards.

The U.K., Germany, France, Italy and Spain will allow data on company beneficial-ownership registers and new registers of trusts to be exchanged between the countries’ tax and law-enforcement agencies, ministers from the five countries said Thursday at a joint press conference in Washington. The five counterparts in the G-20 are pushing for the agreement to be implemented globally.