According to an 8 June 2016 update from UK HM Treasury, India has committed 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, 41 jurisdictions have committed to exchange beneficial ownership information, although a global standard must still be developed and implemented before exchanges can begin.