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Chile Makes Progress on Beneficial Ownership Transparency, But Work Remains

Santiago, Chile - Chile has made significant commitments and progress in implementing beneficial ownership transparency reforms, but there is still much work to be done.

Commitments and Progress

According to Open Ownership (OO), a global initiative aimed at promoting the public availability of company ownership data, Chile has committed to several key milestones in its efforts to increase transparency. In 2019, Chile included a commitment in an Open Government Partnership National Action Plan to beneficial ownership transparency. More recently, at the 2023 Summit for Democracy, Chile pledged to effectively implement beneficial ownership transparency measures and maintain a beneficial ownership registry or alternative mechanism.

Implementation Details Remain Scarce

While these commitments are encouraging, implementation details remain scarce. The Public Procurement Authority and the Open Contracting Partnership are working with OO to collect, publish, and use beneficial ownership data for procurement due diligence processes. Additionally, OO supported the Chilean government in drafting a beneficial ownership bill that was presented to the Senate in December 2023.

The Need for Increased Transparency

The lack of comprehensive information on the implementation status of these commitments is a concern, with data on the Open Ownership map indicating incomplete information for several countries. This highlights the need for increased transparency and collaboration among stakeholders to ensure effective implementation of beneficial ownership reforms.

Prioritizing Beneficial Ownership Registry or Alternative Mechanism

As Chile continues to make progress on this issue, it remains essential that the government prioritizes the development and maintenance of a robust beneficial ownership registry or alternative mechanism. This will not only enhance transparency but also support the country’s efforts to combat money laundering and other financial crimes.

Commitment Timeline

Key Milestones

  • 03 January 2019: Chile commits to beneficial ownership transparency in an Open Government Partnership National Action Plan
  • 29 March 2023: Chile pledges effective implementation of beneficial ownership transparency measures at the Summit for Democracy

Current Ongoing Work

Collaborations and Support

  • Open Ownership is working with the Public Procurement Authority and the Open Contracting Partnership to collect, publish, and use beneficial ownership data for procurement due diligence processes.
  • OO supported the Chilean government in drafting a beneficial ownership bill presented to the Senate in December 2023.

Data Availability

Information on the Open Ownership Map

Data on the Open Ownership map may not be comprehensive for all countries. If you have information or would like to submit new data, please fill out this form.