UK, Germany, France, Italy and Spain agree to automatic exchange of information on UBOs of trusts and companies
This is definitely one meeting that Malta, for various reasons that will now have become obvious – a corrupt cabinet minister, a corrupt chief of staff to the prime minister, and a prime minister who is clearly involved, besides a financial services industry that thrives on the secrecy of nominee directors and fiduciary services – will not be agitating to join.
The BBC reports today that it “is a concerted attempt to show their leaders are responding to public concern over the Panama Papers leak”. The five EU states are the UK, Germany, France, Italy and Spain, one of whose cabinet ministers has just resigned due to facts which have emerged in the Panama Papers (see separate post). They agreed to the automatic exchange of data on the ultimate beneficial owners of companies and trusts.
