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<p>We have asked the Overseas Territories to implement either a central register of
company beneficial ownership, or a similarly effective system, which meets the following
criteria:<br>a) UK law enforcement and tax authorities must be able to access company
beneficial ownership information without restriction, subject to relevant safeguards;<br>b)
These competent authorities should be able to quickly identify all companies that
a particular beneficial owner has a stake in without needing to submit multiple and
repeated requests; and<br>c) Companies or their beneficial owners must not be alerted
to the fact that an investigation is underway.</p><p>We are continuing our dialogue
with the Overseas Territories and have offered technical support as they develop their
proposals.</p><p>The Overseas Territories have shown their commitment to tax information
exchange by being early adopters of the new OECD global standard on tax transparency
with the first exchange of data taking place in 2017. They have also had the Multilateral
Convention on Mutual Administrative Assistance on Tax Matters extended to them.</p>
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