Findings and Recommendations
In the following pages we present our findings and identify areas where improvements are needed. We were impressed by the commitment of SCIESU leadership to publicly publishing beneficial ownership information, by the knowledge of staff in their respective areas, and by the functional potential of the existing database and web portal. We were grateful for the willingness of staff to share the challenges they face when processing applications and we understand the urgency of ensuring regulations are in place.
Our recommendations are informed by international best practice and underpinned by five principles for collecting and publishing useful beneficial ownership data: a thorough beneficial ownership test; collecting granular data; providing users with sufficient data to disambiguate companies and people with similar names; preserving historical data; and requiring timely updates.
Our findings and recommendations are ordered into three categories: legal and regulatory framework; business process; and technical capacities and coordination. As the technical specifications are yet to be defined, the final section just provides an overview of the key capability required.