Our implementation guide is designed to support governments that are considering or implementing beneficial ownership transparency. It provides practical resources, and shares the knowledge and good practice that is being developed by a growing number of countries around the world. We also hope it will be helpful for people in international institutions, the private sector and civil society who are supporting beneficial ownership transparency.
The Beneficial Ownership Data Standard (the Standard, or BODS) is being developed in collaboration with dozens of international experts in company data and in technical standard-setting. It will enable the resulting beneficial ownership data to be interoperable, more easily reused, and higher quality. We are engaging with public and private sector publishers of beneficial ownership data to encourage uptake of the standard.
The Beneficial Ownership Leadership Group came together in 2019 to drive the global policy shift towards free, open beneficial ownership data. By joining the Beneficial Ownership Leadership Group each country signs up to a set of best practice disclosure principles. Convened by Open Ownership and Open Government Partnership, the group is comprised of Armenia, Kenya, Latvia, Mexico, Nigeria, Slovak Republic and the United Kingdom.
The Register is an easy-to-use, cloud-based, platform that links beneficial ownership information from multiple sources and makes it available for free to all, allowing for powerful global searches with just a couple of clicks. Data on the platform comes from regulatory sources such as national companies registers and the Extractive Industries Transparency Initiative. It is also self-submitted by companies through our sleek, intuitive reporting interface. Information from more than 5 million companies is already available through the online portal.
We specialise in providing integrated support across the whole range of policy, legal, systems and technology issues involved in establishing beneficial ownership registers. We offer bespoke guidance that fits the specific needs of each individual country’s context. We recognise that there is no one-size-fits-all solution and work closely with our partner agencies to help them deliver impact in-country.
We are encouraging corporations and financial institutions to use the OpenOwnership Register (and eventually our API) as part of their due diligence processes and to submit their ownership data to the Register. We are currently seeking early adopters to work with so that we can build a strong use case to build momentum.