Help us understand how you are making use of resources from the Open Ownership website by filling out this short survey
This policy briefing highlights key considerations for policy makers and implementers for establishing a sanctions and enforcement regime that is effective, proportionate and dissuasive. It helps think through various legal, policy and technical aspects of sanctions and their enforcement, to ensure compliance for adequate, accurate, and up-to-date beneficial ownership information. The briefing identifies emerging good practice from different countries and outlines key policy principles.
- Sanctions regimes should have a combination of administrative, financial, non-financial, and criminal sanctions against both natural persons and corporate entities.
- To avoid creating liability loopholes, sanctions should cover all the key persons of the company – the declaring person, the beneficial owner(s), and the officers of the company – as well as the company itself.
- Sanctions should be in place for all forms of noncompliance, including non-submission of information, late-submission, incomplete submission, and false submission, as well as persistent noncompliance.
- To effectively operationalise sanctions and their enforcement, it should be clearly determined which authority is responsible for enforcing sanctions.
- If implementers collect, monitor, and publish statistics on issued sanctions and prosecutions and their outcomes, as well as compliance rates, it will be possible to measure the effectiveness of sanctions.
Coverage of corporate vehicles in beneficial ownership disclosure regimes
This policy briefing 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, whilst allowing for reasonable and narrowly applied exemptions
Published: 27 April 2023
Beneficial ownership transparency of trusts in South Africa
This briefing describes the background applicable to the beneficial ownership transparency (BOT) of trusts, and also discusses South Africa’s BOT of trusts regime through the framework of the Open Ownership Principles
Published: 12 December 2022
An introduction to trusts in South Africa: A beneficial ownership perspective
This briefing provides background information on the origins, elements, and classifications of trusts in South Africa relevant to the discussions on national beneficial ownership transparency reforms, and serves as background to the Open Ownership briefing, Beneficial ownership transparency of trusts in South Africa.
Published: 14 November 2022