What’s next for beneficial ownership transparency after the Pandora Papers? Leveraging the OGP Global Summit and Summit for Democracy to drive up global ambition

The recent revelations of the Pandora Papers have once again shown the role played by secrecy in the global financial system. The use of shell companies and other legal vehicles to hide money and evade taxes undermines our democratic institutions and reduces resources for public services, like health and education.

There has been global progress on reforms to increase corporate transparency in recent years, including many countries who have established – or are establishing – a central register of company ownership. Several of these countries have also founded the Beneficial Ownership Leadership Group to share best practice, inspire ambition and to support each other on implementation. This event will draw on the experience of the Leadership Group, and will explore further ideas for cross-country action and collaboration.

In December 2021, there will be two major international summits on open government and democracy: the Summit for Democracy hosted by the United States of America (December 9-10) and the OGP 10th Anniversary Global Summit hosted by the Republic of Korea (December 15-17). Anti-corruption, including beneficial ownership transparency, is on the agenda for both events as a major policy priority to strengthen democracy. This public event, organized by the Open Government Partnership, co-chaired by the Government of the United Kingdom and in collaboration with Open Ownership, Transparency International, the B Team and other partners, is timed to be part of the build up to both Summits, and will bring together high-level government representatives, civil society organizations, representatives from the private sector, and international partner organizations.