On 14 April 2016, Finance Ministers from France, Germany, Italy, Spain, and the United Kingdom (G5) announced plans to develop a multilateral system for the automatic exchange of beneficial ownership information. The announcement was made during the IMF-World Bank 2016 spring meeting held in Washington, D.C., and was followed by support for action on transparency and beneficial ownership in a G20 communiqué.
The following is from the letter from the G5 Finance Ministers to the other Finance…