Beneficial ownership, one of the key themes at the 18th International Anti-Corruption Conference in Copenhagen on Oct. 22-24, can serve as a key weapon in the fight against tax evasion and money laundering.
Money laundering and corruption keeps making headlines. Danske Bank, Denmark’s largest lender, is reeling from a EUR 200 billion money-laundering scandal that erupted in September, the same month Dutch bank ING was hit with a EUR 775 million fine for similar misdeeds.
While preparing for the Beneficial Ownership Global Conference that the EITI organised with the government of Indonesia in Jakarta last year, I witnessed how the discussion on ownership transparency started to gain traction. The Panama leaks had sparked a global debate on ownership transparency, Indonesia was due for its FATF evaluation which required them to develop a regulatory framework for beneficial ownership disclosure,
On 1 May, the UK parliament voted to accept an amendment to the sanctions and anti-money laundering bill on Tuesday that requires the UK’s overseas territories to publish public registers of company ownership by the end of 2020. The territories include Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Falkland Islands, Gibraltar, Montserrat and the Turks and Caicos Islands.