Open Ownership’s Post

How to close the loop and put user needs at the centre of policy decisions to maximise the impact of beneficial ownership transparency reforms: our Policy and Research Manager Julie R. share insights from our latest research https://lnkd.in/e4eug9Wd Our new conceptual framework for beneficial ownership data use explores: • whether the nature of the users’ question is qualitative or quantitative; • the type of information users are starting with, and whether the line of inquiry targets specific individuals or companies; • the scale and frequency at which users need to process the data; • the scope of connections that users need to establish across multiple sources of information. The research suggests that a large group of users should be able to access the information as structured data and to be able to use this flexibly. It also suggests that implementers should invest in reducing some of the current frictions and resource costs of beneficial ownership data use (e.g. APIs, ID verification, and assigning unique IDs to individuals).

"The call for beneficial ownership transparency in Africa is not merely a regulatory compliance issue; it is a moral imperative. By ensuring that we know who truly controls businesses and assets, we can significantly reduce opportunities for money laundering, IFFs, corruption and other related financial crimes and build trust in our institutions," said Abdoulaye Coulibaly, director of governance and economic reforms at African Development Bank Group, addressing the inaugural Africa Beneficial Ownership Transparency (AfBOT) Network in-person meeting, hosted by the Seychelles Government. 🇸🇨 "The journey toward beneficial ownership transparency in Africa is one of hope and progress. By embracing transparency, we not only combat IFFs and corruption but also lay the groundwork for prosperous economies, equitable societies, and resilient democracies. Let us work together - governments, businesses, civil society and international donors - to champion this cause and build a brighter future for Africa." This week's meeting convenes 13 African governments to discuss the impact company ownership transparency reforms across the continent are having; challenges governments face administering them; and the next steps needed, including support from donors. Our team at Open Ownership is pleased to be supporting the network through facilitating discussion sessions and providing technical expertise https://lnkd.in/ekRAyJdk

Today Open Ownership is in the Seychelles with 13 African governments at the inaugural Africa Beneficial Ownership Transparency (AfBOT) Network in-person meeting, hosted by the Seychelles Government https://lnkd.in/ekRAyJdk We’re discussing the impact beneficial ownership transparency reforms are having across the continent. We’re proud to play a key role in this first-of-its-kind event talking about the challenges governments face when implementing beneficial ownership transparency reforms, and what needs to happen next. The network is a new member-led initiative convened by the African Development Bank Group and the UK Foreign, Commonwealth and Development Office and supported by Open Ownership. Our Director of Implementation Karabo Rajuili said: “African-led initiatives like this Network position the region as a leader in financial transparency. Through political will and technical know-how, company ownership transparency reforms are making it significantly harder for corrupt politicians, business leaders and criminals to hide their ill-gotten funds.”

Open Government Partnership is hiring an Operations Associate to be based in Washington DC, Brussels, or London. Read more:

Check out Millennium Partners Consulting new USAID-funded grants programme. This programme seeks concrete project ideas to help stop #corruption, #TransnationalCorruption and #kleptocracy. More below 👇

Did you know, #BeneficialOwnership #transparency is listed by the Global Initiative against Transnational Organized Crime as one of the 4 priority actions to fold the umbrella of impunity. The report recommends: "Enforce the requirement for countries to establish transparent beneficial ownership registries. This would mean enacting laws for mandatory disclosure of beneficial ownership information for companies, trusts and other legal entities, with penalties for non-compliance. If governments establish a centralized registry of companies and their owners, supported by robust technology such as blockchain, it would provide a tamperproof record of ownership. At a minimum, beneficial ownership registries should be publicly available, searchable and downloadable, while maintaining data protection measures for sensitive personal information." Our Executive Director Thom Townsend recently spoke at the GI-TOC expert group discussion on how establishing and maintaining #BeneficialOwnership registers can bolster efforts during a session on money flows in the formal financial system, and how we can monitor illicit transactions. Check out the report: https://lnkd.in/dS43d73B Read more about the GI-TOC: https://lnkd.in/e5CGkZN

Open Ownership is hiring for two new exciting remote roles. Do you want to build your career in #BeneficialOwnership transparency, and are you based in Asia or Africa? These roles focus on support to priority national governments in these two regions. Please, help us to share these opportunities in your networks! Regional Associate for Asia: https://lnkd.in/eMQ-cjbn Regional Manager, Africa: https://lnkd.in/e7hUb8vn

We're excited to launch a new piece of guidance, jointly developed by Open Ownership and the National Democratic Institute (NDI). This primer for parliamentarians aims to clarify the role of legislatures in enacting and implementing effective #BeneficialOwnership #Transparency legislation. https://lnkd.in/es8qNByd