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French Lawmakers Propose Automatic Exchange of Property Ownership Data

By Gabriel Vedrenne

Countries around the world would be required to automatically exchange data on the foreign owners of local real estate under one of several proposals advanced by French lawmakers to clamp down on international tax evaders and money launderers. Members of France's National Assembly pitched the measure on Sep. 25, alongside 26 other recommendations ranging from bolstering the investigative resources of the national financial prosecutor to simplifying the country's asset forfeiture regime. Participating jurisdictions would share names, addresses and other personal information of foreign nationals and legal entities that own properties in their territories through a mechanism mimicking the Common Reporting...

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