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OECD: Update on beneficial ownership information, compliant jurisdictions

OECD: Update on beneficial ownership information

The Organisation for Economic Cooperation and Development today announced the release of eight peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR).

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As explained in the OECD release, the reports are part of the second round of Global Forum on Transparency and Exchange of Information for Tax Purposes reviews—reviews that assess jurisdictions against the updated standard that requires beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the financial action task force recommendations.

The OECD release notes:

  • Six jurisdictions are “largely compliant” in that they have demonstrated progress in implementation of the standard and on the deficiencies identified in the first round of reviews, including improving access to information, developing broader exchange of information (EOI) agreement networks, and monitoring the handling of increasing incoming EOI requests:
    • Andorra
    • Curaçao
    • Dominican Republic
    • Marshall Islands
    • Samoa
    • United Arab Emirates
  • One jurisdiction—Saudi Arabia—has maintained its overall rating of “largely compliant.”
  • One jurisdiction—Panama—was rated overall “partially compliant” but “challenges remain.” The release states that Panama needs to strengthen its supervisory programs so that these types of information are kept in practice.

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