New Delhi, Dec. 3 -- Nations need to work closely to deal with challenges to economic governance arising from the digitalization of the economy, the emergence of new financial products, and evolving structures of beneficial ownership, finance minister Nirmala Sitharaman said on Tuesday. Transparency in tax matters has always extended beyond administrative reform for the country, touching upon a deeper principle that economic governance must rest on fairness and responsibility, she said in her keynote address at the Organization for Economic Cooperation and Development's (OECD) Global Forum in New Delhi. She said when individuals and enterprises pay their fair share, and when evasion is effectively deterred, societies become stronger and more equitable. "That conviction has shaped our legislative and enforcement frameworks. Our laws against illicit financial flows and undisclosed foreign assets reflect this belief, as does our participation in both the exchange of information on request and the automatic exchange of information standards." The OECD's Global Forum collaborates with 172 nations to prevent offshore tax evasion by facilitating the exchange of information among nations and promoting transparency in tax matters through the implementation of these standards. Under the automatic exchange of information framework, India gets data on Indians' offshore asset holdings not reported to the authorities here. The income tax department launched a campaign last week, nudging approximately 25,000 high-risk assessees to come clean on their undisclosed foreign income and assets that the tax authority has come to know about. This initiative follows a similar previous drive, which led to the disclosure of over Rs.30,000 crore in foreign income and assets, Mint reported on 27 November. This drive focuses on ensuring voluntary compliance among individuals with unreported foreign income or assets. The I-T department is reaching out to specific assessees through text messages and emails, urging them to file or update their tax returns. Looking ahead, there are new challenges that call for joint attention, Sitharaman said. "The digitalization of the economy, the emergence of new financial products, and evolving structures of beneficial ownership require continued cooperation between jurisdictions," she said, adding that cybersecurity must also be maintained with great care. "These are not challenges that any one country can address alone. They demand coordination, trust, and timely exchange of relevant information," she said. A beneficial owner refers to the actual owner of an asset, who ultimately owns, controls, and benefits from it, as opposed to its legal owner. Regulatory authorities often look at beneficial ownership in order to find who actually controls assets and benefits from them, irrespective of their legal ownership....