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The High-Level Principles on Beneficial Ownership Transparency were adopted in the framework of G20 in Brisbane.
DATE: November 17, 2014 | AUTHOR: atlawyers
The High-Level Principles on Beneficial Ownership Transparency were adopted in the framework of G20 in Brisbane (hereinafter – “the Principles”). The Principles set forth a set of core guidelines particularly on ultimate beneficial owners, which shall be applicable among G20 states. According to the Principles, G20 states should have a statutory definition of “beneficial owner”; have access to adequate information on beneficial owners of legal entities, trusts and other legal arrangements and also effectively cooperate with international counterparties on this matter.