In a release published 15 July 2016, the Guernsey government announced its commitment to the initiative for the automatic exchange of beneficial ownership information, which was originally proposed by Finance Ministers from France, Germany, Italy, Spain, and the UK (G5) in April ({News-2016-04-18/P/2- previous coverage}). To date, 43 jurisdictions have committed to exchange beneficial ownership information, although a global standard must still be developed and implemented before exchanges can begin. Guernsey has also agreed through the exchange of notes with the UK to provide law enforcement authorities, including tax authorities, with beneficial ownership information for legal entities. Click the following...