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OECD Publishes Compliance Ratings on Beneficial Ownership Transparency for 10 Jurisdictions under New Peer Review Process

On 21 August 2017, the OECD announced that the Global Forum on Transparency and Exchange of Information for Tax Purposes has published the first 10 outcomes of a new and enhanced peer review process for compliance with international standards for the exchange of information on request between tax authorities. The new process is focused on the availability of and access by tax authorities to beneficial ownership information of all legal entities and arrangements.

As announced, three jurisdictions – Ireland, Mauritius, and Norway –  received an overall rating of "Compliant." Six others – Australia, Bermuda, Canada, Cayman Islands, Germany, and Qatar were rated "Largely Compliant." Jamaica was rated "Partially Compliant," leading the Global Forum to launch a supplementary report on follow-up measures to ensure a higher level of compliance.

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