EU’s Largest Economies Share Information on Secret Owners of Businesses and Trusts

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The European Union’s five largest economies – the UK, France, Germany, Italy and Spain, have agreed to share information about secret owners of businesses and trusts. These countries’ leaders are responding to the public’s concern about the Panama Papers leak through this agreement.

According to treasury officials, this move is aimed towards mitigating tax evasion and make it more difficult for wealthy individuals to operate without paying the correct taxes. Through this agreement, information about the “beneficial owners” of companies and trusts will automatically be exchanged. These 5 countries are also pushing the rest of the G20 nations and the other largest economies of the world to be part of this exchange of data on previously secret tax information.

This would mean exchange of information between countries such as America, Saudi Arabia and China.

Sourced from BBC News.