Monthly Archives: January 2022

History of Beneficial Ownership (BO)

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  • In June 2013, G8 leaders met in Lough Erne and agreed to a set of principles on beneficial ownership transparency. The principles state that companies should maintain their beneficial ownership information and that the information should be available to law enforcement and other competent authorities;
  • These principles were largely reiterated by the Financial Action Task Force (FATF)—the body setting international anti-money laundering standards—in their Guidance on Transparency and Beneficial Ownership in October 2014 and by the G20 in their High Level Principles on Beneficial Ownership in November 2014.
  • Despite the establishment of this baseline, momentum is building since Lough Erne to raise the bar. In July 2013, the UK began the process to establish a central register of information and, after a public comment period, determined that the register should be publicly available—a position strongly supported by Global Financial Integrity (GFI). In April 2014, the European Parliament approved provisions requiring formation of public registers as part of their draft of the European Union’s Fourth Anti-Money Laundering Directive (AMLD), but the E.U. Council and the E.U. Commission have yet to take a public position on the AMLD, delaying its final adoption
  • Relatively new area – blm banyak evidence – semakin byk semakin bagus – gak ada evidence buruk jg – most companies gak kriminal, personal privacy issue, wlw udah kesebar jg di konteks data lain – 
  • Di EU AMLD5, harus dibuat publik, di tahun yg sama General Data Protection regulation
  • Mexico khawatirnya kidnapping & personal safety
  • MLA: Canada – Ghana – Hongkong
  • UK: mostly companies 67%, procurement and tax commission
  • YouCntrol Ukraine, korporat bayar, CSo nggak
  • A 2019 Companies House (CH) study estimates the value of UK company data to be an average of GBP 1,100 per reuser, with an estimated total benefit between GBP 1 billion and GBP 3 billion per year48 – of which BO data constituted between GBP 40 million and GBP 120 million49 – for Companies House Service (CHS) users alone. The study explains that “more than half of the smaller interme- diaries that access CH bulk data products have only been accessing these products since they became available free of charge. This suggests that access to free data has stimulated the development of new business opportunities”.50
  • Ledakan di Beirut tahun 2020
  • Global Witness and DataKind UK examined more than 10 million corporate records from CH in 2018.80 Combining persons of significant control (PSC) data with datasets about politicians and company officers, they developed algorithms to identify suspicious and erroneous filings. The analysis revealed that thousands of companies had filed suspicious entries that appeared not to comply with the rules.