Louise Russell-Prywata
Beneficial ownership transparency was a prominent theme throughout the Summit for Democracy, and has been a key focus of discussions within the Financial Transparency and Integrity Cohort (FTI Cohort) established following the 2021 Summit, of which Open Ownership is a member.
Throughout the high level events taking place this March for the 2nd Summit for Democracy, there is a common thread: beneficial ownership transparency is recognised as a critical anti-corruption tool, this transparency plays an integral role in promoting financial integrity and strengthens democracy.
The United States together with over 20 other nations announced a high level Commitment on Beneficial Ownership and Misuse of Legal Persons, reaffirming the importance of beneficial ownership transparency to tackling transnational corruption. This centres on a commitment to “effectively implement” the international Financial Action Task Force (FATF) standard on beneficial ownership of legal entities.
