Germany Provides Status Update On The 10 Step Plan

The German Ministry of Finance provided a status update on the 10 step plan, released in April 2016 as a reaction to Panama Papers to combat tax fraud, de­vi­ous tax avoid­ance and mon­ey laun­der­ing, the International Tax Plaza reported.

Background: Schaeuble's 10-Point Plan

The 10-step plan for a fairer international tax system and a more effective fight against money laundering says that the Organization for Economic Cooperation and Development (OECD) should act as a supervisory body when it comes to making sure that countries are taking part in the information exchange. It contains the following steps:

  1. Panama must cooperate;
  2. Harmonization of the various national and international black lists;
  3. Global automatic exchange of information in tax matters;
  4. Monitoring of the automatic exchange of information;
  5. Global introduction of national ultimate beneficial owner (UBO) registers;
  6. Worldwide linking of national UBO registers;
  7. Introduction of mandatory disclosure rules;
  8. The introduction of tougher sanctions;
  9. No escaping of sanctions by taking advantage of statutes of limitation;
  10. Central Intelligence Unit (reporting suspicions) – Financial Intelligence Unit.

 Status Updates

On each of these steps, the German Ministry of Finance provided its status update. Under point six on beneficial owner registers, the German Ministry of Finance informed that in the draft law on the implementation of the Fourth EU Money Laundering Directive, which was adopted by the German Government on February 22, 2017, creates the prerequisites for a central electronic transparency register, which provides information on the beneficial owners of companies. For complete overview of status updates, see the sources.

Source: International Tax Plaza, German Ministry of Finance (in German)

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