Strengthening Beneficial Ownership Register (PT0015)
Action Plan: Portugal Action Plan 2021-2023
Action Plan Cycle: 2021
Lead Institution: Institute of Registries and Notary (IRN, I.P.) Transparency and Integrity (TI Portugal)
Support Institution(s): Administrative Modernization Agency, IP (AMA) IMPIC - Institute of Public Markets, Real Estate and Construction National Association of Young Entrepreneurs (ANJE)
Policy AreasAnti Corruption and Integrity, Beneficial Ownership, Capacity Building, E-Government, Public Procurement
What is the problem addressed by the commitment? The lack of transparency about the beneficial owner allows resources from corruption, bribery, money laundering, tax evasion, or even other criminal activities, such as terrorism and trafficking of drugs, and people to be hidden. Thus, there is a need to increase transparency around the ownership and control of companies, funds, or other legal entities. The Beneficial Owner Central Register has been implemented in Portugal since November 2019, and by January 2021, around 490,500 entities complied with this registration. There are some difficulties in obtaining declarations from entities required to do so and dysfunctionalities in the model for access to the information provided, which requires the adoption of international standards on "beneficial ownership transparency". Ignorance of the Beneficial Owner Central Register itself, its rationale, and objectives, as well as the registration procedures, pose a barrier to its widespread implementation.
What is the commitment? Contribute to the increased awareness and efficient implementation of the Beneficial Owner Central Register: ● Stimulating initiatives that increase awareness and notoriety of its existence; ● Disclosing the support in the realization of the same; ● Contributing to the identification of other public data sources to create intelligence and alarms; ● Adopting procedures to encourage greater transparency and public scrutiny.
How does the commitment contribute to solving the problem identified? The increased notoriety and efficacy of the Beneficial Owner Central Register, promotes transparency and public scrutiny, while enhancing legal compliance.
Why is the commitment relevant to the values of the OGP? The commitment contributes simultaneously to greater transparency and accountability, as it complies with the rights of access to information and allows direct scrutiny of beneficial owners.
Description of expected results ● Strengthening the alignment of the Beneficial Owner Central Register with international standards and good practices, namely the Beneficial Ownership Data Standard; ● Increased public awareness of the definition of beneficial ownership and its implications; ● Increased compliance of entities required to collect and record registration data with greater or full autonomy; ● Diversification of links to other public data sources, such as the Public Procurement Portal (Base.gov).
Macro activities Start date Completion date 1. Implementation of the Beneficial Ownership Data Standard, or similar, to ensure that access to the Beneficial Owner Central Register is in accordance with international best practices on access to information of a public nature and open data. September 2021 March 2022 2. Develop an awareness campaign aimed at obliged entities on the indispensability of registering their beneficial owners, informing them of the social usefulness of the Beneficial Owner Central Register and instructing them on the functioning of the registration mechanism so that all entities are able to do so as autonomously as possible. January 2022 June 2022 3. Establish the connection of the Beneficial Owner Central Register with other public data sources, such as the Public Procurement Portal (Base.gov). September 2022 July 2023