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Dominica Moves to Improve Beneficial Ownership Transparency
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A recent gathering in Buenos Aires brought together over 50 representatives from Latin American and Caribbean countries to discuss progress on beneficial ownership transparency. The event, co-hosted by the Inter-American Development Bank (IDB) and the Latin American Financial Action Task Force (GAFILAT), highlighted the growing momentum for stronger governance in the region.
Dominica Among Countries Leading the Charge
The Caribbean island nation of Dominica is one of 10 countries in the region that have implemented a legal obligation for beneficial ownership registries. This move is part of a broader trend, with four countries introducing such regulations five years ago. The EITI (Extractive Industries Transparency Initiative) and Open Ownership programme, which hosted the event, has played a key role in promoting beneficial ownership transparency.
Strengthening Anti-Corruption Efforts
Beneficial ownership transparency is essential for combating corrupt activities like money laundering and terrorism financing. Public oversight and use of beneficial ownership information can help identify irregularities in public contracting and license awards. The event demonstrated the importance of multi-stakeholder dialogue in addressing anonymous company ownership.
Benefits of Beneficial Ownership Transparency
- Combats corrupt activities like money laundering and terrorism financing
- Helps identify irregularities in public contracting and license awards
- Facilitates public oversight and use of beneficial ownership information
Partnership Key to Success
The forum highlighted the value of collaboration across government agencies, international organisations, and other stakeholders. Strengthening partnerships can make it easier to identify corruption risks and improve governance of the extractive industries. Representatives from Argentina, Chile, Colombia, Dominican Republic, Ecuador, Guatemala, Guyana, Mexico, Peru, Trinidad and Tobago, and five international organisations attended the event.
Dominica’s Progress
While Dominica has made progress in implementing beneficial ownership transparency, there are still challenges to overcome. The country’s regulatory framework for information sharing across agencies is unclear, hindering the use of beneficial ownership data. However, some countries have found ways to overcome such barriers, and participants shared best practices at the event.
Dominica Looks to Build on Momentum
The EITI programme in Argentina has taken an innovative approach by inviting the Anti-Corruption Office and the Fiscal Authority to participate in its multi-stakeholder group. This provides an opportunity for learning from the Integrity Registry of Companies, a voluntary platform that hosts information on private sector compliance and anti-corruption policies. The Opening Extractives programme is building on this momentum by supporting reforms that would mandate beneficial ownership disclosure in the extractive sector.
Dominica Looks to the Future
The event laid the foundations for a growing community of practice that can facilitate learning and innovation among government officials and practitioners across the region. It also demonstrated the value of collaborating across borders and organisations, highlighting the importance of partnership in making beneficial ownership transparency a global norm.