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Open Ownership Principles
In any beneficial ownership (BO) disclosure regime, its scope – or coverage – plays a central role in its potential impact. This policy briefing explains that to generate actionable and usable data across the widest set of policy aims, BO disclosure requirements should apply to all corporate vehicles, whilst allowing for reasonable and narrowly applied exemptions. Using examples from jurisdictions around the world, it details the considerations for policymakers (and others with responsibilities for setting out the scope of coverage in their jurisdiction) for how to effectively do so in legal and data systems.
- When determining which corporate vehicles should be required to disclose beneficial ownership information, jurisdictions should assess which corporate vehicles are relevant to policy aims.
- To meet the widest set of policy aims, BO disclosure requirements should cover all corporate vehicles.
- To ensure coverage is proportionate to meeting policy aims, policymakers can create limited, reasonable and narrowly tailored exemptions for certain categories of relevant corporate vehicles, based on specific criteria.
- The scope of coverage should be set out in law using primary and secondary legislation, requiring all relevant corporate vehicles to disclose BO information.
- Legislation should also detail exemptions, making them explicit and specific whilst allowing for ongoing reassessment.
- The data system should be able to capture sufficiently detailed information for all corporate vehicles, including information about indirect ownership and control, and make it accessible through a central platform.
- Exempt corporate vehicles should be required to make regular declarations, identifying themselves and referring to a source of information on ownership and control.
- It is important to ensure that the legal definition of beneficial ownership includes all relevant forms of ownership and control.
- The creation of clear guidance can support compliance.
Beneficial ownership transparency in the Philippines: supporting law enforcement, public procurement, and tax
Open Ownership and the UNODC recently delivered a series of engagements in the Philippines, a frontrunner on beneficial ownership transparency in Southeast Asia. The Philippine Securities and Exchange Commission is leading efforts to encourage government agencies working in law enforcement, public procurement and tax to use BO data, which this work aimed to complement
Published: 05 October 2023
Too young to count? Legal minors as beneficial owners
Young children being registered as beneficial owners can create confusion or raise suspicion, especially when they are connected to politicians, oligarchs, or other individuals in the public eye. This blog post explores the matter.
Published: 21 September 2023
The Coverage Principle: Setting the scope of disclosure for beneficial ownership transparency of corporate vehicles
Open Ownership's policy briefing on the Coverage principle explains that, to generate actionable and usable data across the widest set of policy aims, beneficial ownership disclosure requirements should apply to all corporate vehicles. It also presents considerations for setting out the scope of coverage in legal and data systems
Published: 02 May 2023