Why we focus on beneficial ownership transparency
BOT is a core building block of a fair financial system. Publicly-available data of beneficial owners give access to high-quality data about who owns, controls, and benefits from companies and their profits. For citizens, governments and companies, knowing who we are doing business with improves trust, helps tackle corruption, reduces investment risk, and improves national and global governance.
But BOT is new for many countries, and there is a lot of demand for support to hasten reform, and help governments, citizens and companies realise its impact.
“Corruption is intent plus capability. By tackling the capability part, beneficial ownership transparency makes it much harder for corruption to take place.”
Thom Townsend, Executive Director, Open Ownership
Transparency in beneficial ownership - what does it enable?
- Reduces risks such as corruption and tax evasion the world over
- Builds trust throughout society
- Promotes development opportunities
- Creates fair and open competition for government contracts
- Helps governments run effective tax systems
- Helps reduce organised crime, drug trafficking and money laundering and recover stolen assets.
The Open Ownership Strategy 2022-2025 'From transparent to accountable ownership' is available for download: Open Ownership Strategy 2022-2025.
"With beneficial ownership data, we can fight corruption 'just at the click of a button'."
George Addy-Morton, Finance Manager of the Ghana Petroleum Commission