Measuring the economic impact of beneficial ownership transparency (full report)
Glossary
| Term or acronym | Meaning |
|---|---|
| AML | Anti-money laundering |
| BEIS | UK Government Department for Business Energy and Industrial Strategy |
| BOT | Beneficial ownership transparency |
| Cash releasing, or cashable benefit | A monetisable benefit which is ‘cashable’ for a particular stakeholder group, releasing additional funding for a government, business, or individual [1] |
| CFT | Countering the financing of terrorism |
| CPI | Transparency International’s Corruption Perceptions Index |
| DFID | UK Government Department for International Development |
| EITI | Extractive Industries Transparency Initiative |
| FATF | Financial Action Task Force |
| KYC | Know your customer |
| Monetisable (non cash releasing) benefit | A benefit which can be quantified in monetary terms, but will not release cash into a budget if realised |
| PSC | Person of significant control |
| Qualifiable benefit | A benefit which can be qualitatively identified, but not readily quantified |
| Quantifiable benefit | A benefit which can be quantified, but not in monetary terms |
| RIA | Regulatory Impact Assessment |
| ROI | Return on investment |
| STR | Suspicious transaction report |
| Welfare loss | A measure of reduced economic efficiency resulting from an imbalance in supply and demand |
| WTP | Willingness to pay |
Footnotes
[1] See HM Treasury’s guidance on writing a business case for a useful summary of benefit types; HM Treasury. (2018). Guide to Developing the Programme Business Case. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/749085/Programme_Business_Case_2018.pdf