Six things to know: new G20 Beneficial Ownership Principles

The following excerpt comes from Transparency International’s website.

1. They were adopted. And that’s a good start.

To bring a set of countries as diverse in political and economic leanings as Australia, India, Mexico, Saudi Arabia, South Africa and the UK to agreement on an issue as sensitive as making it harder for individuals to hide behind secret companies, especially when corrupt public officials may be involved, is a tremendous challenge. The G8 adopted Beneficial Ownership Principles last year under David Cameron’s leadership. Those principles have certainly informed these G20 principles but the diplomatic efforts required to scale up so quickly from eight to 20 members must be congratulated, not least with late reservations from China.

You may continue reading more about this article by clicking the link below that will bring you to TI’s website.

http://www.transparency.org/news/feature/six_things_to_know_new_g20_beneficial_ownership_principles