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Chile Embarks on Major Reforms to Enhance Beneficial Ownership Transparency

A Significant Step Towards Greater Financial Transparency

The government of Chile has made a significant commitment to implementing beneficial ownership disclosure requirements, following its participation in the Open Government Partnership and the Summit for Democracy. This move is a major step towards enhancing financial transparency and promoting good governance.

Chile’s Commitment to Beneficial Ownership Transparency

Chile has a long history of promoting transparency and good governance, with a focus on enhancing financial transparency. The country’s inclusion in an Open Government Partnership National Action Plan in January 2019 marked a significant milestone towards this goal. This commitment outlines the country’s pledge to enhance beneficial ownership transparency, including the establishment of a beneficial ownership registry or alternative mechanism.

Key Highlights:

• Chile’s participation in the Open Government Partnership and the Summit for Democracy
• Inclusion in an Open Government Partnership National Action Plan in January 2019
• Commitment to establish a beneficial ownership registry or alternative mechanism

Current Ongoing Work

Open Ownership (OO) is working closely with Chilean authorities to advance beneficial ownership reforms. The Public Procurement Authority and the Open Contracting Partnership are collaborating with OO to collect, publish, and utilize beneficial ownership data for procurement due diligence processes. Additionally, OO has supported the Chilean government in drafting a beneficial ownership bill presented to the Senate in December 2023.

Ongoing Collaborations:

• Open Ownership (OO) working closely with Chilean authorities
• Collaboration between Public Procurement Authority and Open Contracting Partnership
• Drafting of beneficial ownership bill by OO

Implementation Details

The implementation of beneficial ownership disclosure requirements is an ongoing process. After work begins on establishing a register, a country enters the implementing stage. In Chile’s case, the establishment of a beneficial ownership registry or alternative mechanism remains a priority for the government. This development is expected to enhance transparency and accountability in financial transactions.

Data Availability

The Open Ownership map provides information on beneficial ownership disclosure requirements around the world. While data may not be comprehensive for all countries, it serves as a valuable resource for stakeholders seeking to understand the current state of beneficial ownership transparency globally. For any inaccuracies or new data submissions, please refer to the provided form.

Contact Person

Rodrigo Felix Montalvo can be contacted regarding further information on Chile’s commitments and implementation of beneficial ownership transparency reforms.