Summary of Recommendations
Legal & Regulatory Framework
- The definition of beneficial ownership should include a category of ‘other influence or control.’
- Regulations should specify what information is to be collected, and what data is to be published publicly.
- The definition of Politically Exposed Person for purposes of beneficial ownership should reflect that already in use in Kyrgyz law, but longer term this definition should be reviewed and compared with international guidance.
- Companies should be required to submit revised beneficial ownership information when their ownership changes.
- Entities applying for licenses through all license-issuing mechanisms should be required to declare their beneficial owners.
- Exemptions, such as for publicly listed companies and SOEs, should be clearly defined, limited in scope, and useful data about the entities should be collected.
- Suspension of license and fines should be considered in addition to termination of license in cases of noncompliance, and SCIESU should be empowered to ask companies to make corrections or submit missing information.
Data Collection and Publication
- Data collection should be structured and include key points about all beneficial owners.
- The exact percentage of ownership, and the nature of ownership, should be published publicly.
- Office address, and month and year of birth should be published to allow the disambiguation of individuals.
- Historical information should be stored rather than replaced.
- Store information as structured data in BODS format, using unique, stable identifiers for all companies, branch companies and beneficial owners.
- Digitalize the submission process as much as possible.
- SCIESU should undertake basic verification to improve data quality and enable red flags to be surfaced.
- SCIESU should coordinate with other Government departments and external stakeholders to ensure successful implementation.
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