Resources

  • Beneficial Ownership Transparency

OpenOwnership.org - Global Beneficial Ownership Register

OpenOwnership is driven by a steering group composed of leading transparency NGOs, including Global Witness, Open Contracting Partnership, Web Foundation, Transparency International, and The B Team, as well as OpenCorporates.
OpenOwnership’s central goal is to build an open Global Beneficial Ownership Register, which will serve as an authoritative source of data about who owns companies, for the benefit of all. This data will be global and linked across jurisdictions, industries, and linkable to other datasets too.

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  • Beneficial Ownership Transparency

OpenOwnership.org - Global Beneficial Ownership Register

OpenOwnership is driven by a steering group composed of leading transparency NGOs, including Global Witness, Open Contracting Partnership, Web Foundation, Transparency International, and The B Team, as well as OpenCorporates.
OpenOwnership’s central goal is to build an open Global Beneficial Ownership Register, which will serve as an authoritative source of data about who owns companies, for the benefit of all. This data will be global and linked across jurisdictions, industries, and linkable to other datasets too.

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  • Anonymous Companies
  • Beneficial Ownership Transparency

Global Financial Integrity: Anonymous Companies

An anonymous shell company is a corporate entity that has disguised its ownership in order to operate without scrutiny from law enforcement or the public. These “phantom firms” can open bank accounts and wire money like any other company, making them a favorite tool for money launderers to hide their business and assets from authorities. They have facilitated crimes ranging from Medicare fraud in the United States to illegal logging in Africa to corruption in Malaysia.

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  • Anonymous Companies
  • Beneficial Ownership Transparency
  • BOT Regulation
  • EITI
  • Extractives

EITI: Guidance on beneficial ownership

With the adoption of the 2016 EITI Standard (provision 2.5), the EITI has agreed that by 1 January 2020, all implementing countries must ensure that corporate entities that bid for, operate or invest in extractive assets disclose the identity of their beneficial owners.  In addition, any politically exposed persons who are beneficial owners must be identified. It is recommended that the beneficial ownership information is made available through a public registers.

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  • Beneficial Ownership Transparency
  • Global Witness
  • Investor Risk
  • Investors

PRI Podcast: Eryn Schornick (Global Witness) joins the PRI's Olivia Mooney to discuss "Chancing It"

Secret or anonymously-owned companies pose a number of risks to shareholders – both financial and non-financial. This is primarily due to the difficulty in identifying the actual (“beneficial”) owners. Eryn Schornick (Global Witness) joins the PRI’s Olivia Mooney to discuss the issue, as well as the tools available to investors (also detailed in their new report, Chancing It).

Podcast
  • Anonymous Companies
  • Beneficial Ownership Transparency
  • Global Witness
  • Investor
  • Investor Risk

Global Witness - Chancing It: How secret company ownership is a risk to investors

Chancing It shows the scale of that risk, and launches as global investors managing over $740 billion in assets have called for laws that require disclosure of the real owners of American companies.  This influential coalition, including Hermes Equity Ownership Services and Trillium Asset Management has sent letters to Congress calling for an end to shell company secrecy. Read the full letter to the U.S. Senate here and the U.S. House here.

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  • Anonymous Companies
  • Beneficial Ownership Transparency
  • Suppliers

Thomson Reuters: Know Your Third Party

In today’s business environment organizations are held responsible for the actions of suppliers, vendors and partners in addition to their own internal activities. Knowledge and understanding of supplier and third party risk is of the utmost importance. Therefore it is critical that a robust risk management program includes due diligence in the selection of business partners and third parties as well as on-going monitoring activities.

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  • Anonymous Companies
  • Beneficial Ownership Transparency
  • Panama Papers
  • Thomson Reuters

Thomson Reuters: What the Panama Papers, Bahamian leaks and Offshore leaks can tell us about the challenges behind identifying the Ultimate Beneficial Owner

The Panama Papers as well as the Bahamian leaks serve as another reminder of the challenges and importance of conducting proper due diligence. James Swenson, Head of Financial Crime and Reputational Risk Managed Services, looks in particular at the barriers to identifying Ultimate Beneficial Owners (UBOs).

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  • Anonymous Companies
  • Beneficial Ownership Transparency
  • Thomson Reuters

Thomson Reuters: Know your ultimate beneficial owner or face the consequences

The fight against money laundering and corruption has made financial transparency a global priority, meaning it is critical that we know who we are doing business with.

Entering into a contract or business relationship with a company without full knowledge of beneficial ownership, past or present, introduces significant risk to an organization. Even an unwitting contravention of anti-money laundering, anti-corruption and bribery legislation can have extreme consequences through regulatory censure, financial penalties, reputational damage.

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  • Anti-Money Laundering
  • Beneficial Ownership Transparency
  • Thomson Reuters

Thomson Reuters - Identifying the UBO: The Challenge of Finding the Needle in the Haystack

There is an increasing expectation on companies worldwide to understand who they are ultimately doing business with and the transparency of company ownership and control have always been a focal point under Anti-money laundering (AML) and Countering the financing of terrorism (CTF) legislation. These regulations require financial institutions to identify the real ownership of all assets by providing names of beneficial owners who are defined as individuals (or single individual) who ultimately own or control the legal entity, either directly or indirectly. This means the persons who control the actions of the company or trust and/or who ultimately receive the profits.

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  • Anonymous Companies
  • Anti-Money Laundering
  • Beneficial Ownership Transparency
  • EU
  • European Union

European Union (EU) - Fourth Anti-Money Laundering Directive

The adoption of the Fourth Anti-Money Laundering Directive (AMLD) in May 2015 was a major step forward in improving the effectiveness of the EU’s efforts to combat the laundering of money from criminal activities and to counter the financing of terrorist activities. This Commission proposal is the first initiative to implement the Action Plan for strengthening the fight against terrorist financing of February 2016 The recent terrorist attacks and the Panama Papers revelations highlighted the need for the EU to take further measures and step up its fight against money laundering and terrorism financing.

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