12 May 2016

Creation of a French public register of trusts

As part of the fight for financial transparency, a French public register of trusts was established by decree on 11 May 2016.

Content published under the Government Valls III from 2016 11th February to 2016 06th December
France is strongly committed to the fight for the transparency of the beneficial owners of all legal persons (companies and trusts in particular). That is why Michel Sapin and Christian Eckert signed a decree establishing a public register of trusts.
This register will contain information on all trusts generating tax consequences in France. It will be accessible to everyone online as of 30 June and will make it possible to identify the beneficiaries and companies that make up these legal entities. Currently, 16,000 entities have been identified as trusts and are registered with our tax administration. This new register will give the public access to this information.
With an effective exchange of information, such transparency should put an end to the use of shell companies for the purpose of tax evasion, money laundering and the financing of illegal activities. Michel Sapin has included this priority in his action plan and, alongside its European partners, France obtained the commitment of the G20 Finance Ministers in April in favour of such transparency.

G20: progress towards greater international fiscal and financial transparency

The G20 meeting held on 15 April 2016 made substantial progress for greater international fiscal and financial transparency.... [Read more]

21 April 2016