Beneficial Ownership

Category: Policy Areas | Back to Glossary

Disclosing beneficial owners — those who ultimately control or profit from a business — is essential for combating corruption, stemming illicit financial flows, and fighting taxPlacing transparency, accountability, and participation at the center of tax policy can ensure that burdens are distributed equitably across society. Technical specifications: Commitments related to c... evasion.

Technical specifications: Policies, activities and measures related to increased transparencyAccording to OGP’s Articles of Governance, transparency occurs when “government-held information (including on activities and decisions) is open, comprehensive, timely, freely available to the pub... More and accountability of beneficial owners (individuals who possess, control, or benefit from a company/trust and its income). These may include registries that open up beneficial ownershipDisclosing beneficial owners — those who ultimately control or profit from a business — is essential for combating corruption, stemming illicit financial flows, and fighting tax evasion. Technical... More data to the public or that establish corrective measures for misleading or fraudulent filing, including data validation/verification and sanctions for non-compliance.

See also: Extractive IndustriesApplying open government values of transparency, participation, and accountability to extractive industries can decrease corruption, safeguard community interests and needs, and support environmental ..., Open ContractingA transparent procurement process, known as open contracting, increases competition, improves public service delivery, and ensures governments better value for their money. Technical specifications: C... More