G20 meeting resolves China impasse over ownership transparency

Leaders from the Group of 20 leading nations pledged in a joint statement to implement “high-level principles on beneficial ownership transparency” to help unmask shell companies, a turnaround from September’s meeting in Paris at which Chinese leaders expressed concerns over tackling the issue, The Financial Times reported. The objection surprised diplomats in light of Beijing’s ongoing anti-corruption drive, but officials said the impasse over the plan had been resolved following talks in Brisbane. The principles state that countries should ensure that legal persons maintain beneficial-ownership information onshore and that information is adequate, accurate and current.