The G20’s genteel threat

excerpt from the G-20 finance ministers’ April 15 communiqué

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8. The G20 reiterates the high priority it attaches to financial transparency and effective implementation of the standards on transparency by all,

in particular with regard to the beneficial ownership of legal persons and legal arrangements. Improving the transparency of the beneficial ownership of legal persons and legal arrangements is vital to protect the integrity of the international financial system, and to prevent misuse of these entities and arrangements for corruption, tax evasion, terrorist financing and money laundering. The G20 reiterates that it is essential that all countries and jurisdictions fully implement the FATF standards on transparency and beneficial ownership of legal persons and legal arrangements and we express our determination to lead by example in this regard. We particularly stress the importance of countries and jurisdictions improving the availability of beneficial ownership information to, and its international exchange between, competent authorities for the purposes of tackling tax evasion, terrorist financing and money laundering. We ask the FATF and the Global Forum on Transparency and Exchange of Information for Tax Purposes to make initial proposals by our October meeting on ways to improve the implementation of the international standards on transparency, including on the availability of beneficial ownership information, and its international exchange.

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[Editor’s note: Translated into plain English and political reality, the world’s dominant economic powers are threatening to create a new blacklist of countries with banking and corporate secrecy — not including their own aspects of these — and including Panama on it.]

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