BO reporting begins in Mexico With the Economic Package for 2022 (Paquete Económico para 2022) Mexico decided to increase its compliance with international reporting standards, with particular reference to automatic exchange of information (AEOI). In fact, as of 1 January 2022, companies, trusts, partnerships and other legal entities have to gather and retain accurate and...Read More

Register of Overseas Entities introduced to UK Parliament On 1 March 2022, the UK Register of Overseas Entities has been introduced to the UK parliament. The measures, which will be included in the Economic Crime (Transparency and Enforcement) Bill, will force beneficial owners of property in England, Wales and Scotland to provide information on their...Read More

Minimum substance test under EU shell company directive In December 2021, the European Commission (EC) published its draft Council Directive, amending Directive 2011/16/EU (the Directive) and setting out the rules to prevent the misuse of shell entities for tax purposes. The EC has observed that certain individuals and some businesses direct their income to shell...Read More

US treasury publishes draft beneficial ownership reporting rule to tackle the use of shell companies The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has published a draft rule which will implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). The Act requires beneficial ownership reporting by domestic and...Read More

The Federal Council initiates consultation on automatic exchange of information with twelve more partner states On 3 December 2021, the Federal Council initiated the consultation on the introduction of the automatic exchange of financial account information (AEOI) with twelve additional states and territories. The AEOI is scheduled to enter into force on 1 January 2023,...Read More