G20 has engaged in drawing up a blacklist

By summer 2017 G20 is planning to draw up a blacklist of states, not participating in the Automatic Exchange of Information. Later punitive sanctions will be imposed on them. That was stated by Russia’s deputy minister of finance Sergey Storchak regarding the results of G20 Summit.

The main idea is to draw up a list of criteria, due to which a jurisdiction is considered «non- cooperating».

Due to the list being drawn up, Russia’s Ministry of Finance reminded that the German edition of Süddeutsche Zeitung had published a list of documents confirming the involvement of many global leaders in offshore schemes. The documents were allegedly found in Panama’s law firm Mossack Fonseca.

Which criteria are necessary to avoid the blacklist?

1. A state is obliged to participate in the Automatic Exchange of Information upon the request;

2. a state’s participation in the Automatic Exchange of Information without any request;

3. a state’s accession to OECD’s Convention on the Automatic Exchange of Information.

It is interesting that the process of control over not participating states will be similar to the issue of control over terrorism financing (first voluntary accession to the Program, then drawing up of blacklists).

Source:

http://minfin.ru/ru/