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Ecuador Makes Progress on Beneficial Ownership Disclosure Transparency Reforms

Ecuador has taken significant steps towards increased transparency by implementing beneficial ownership disclosure reforms. These reforms are part of the country’s commitment to access funds through the International Monetary Fund’s (IMF) Rapid Financing Instrument and as an Extractives Industry Transparency Initiative (EITI) member.

National Beneficial Ownership Register

One key measure implemented by Ecuador is the creation of a national beneficial ownership register, which will be supported by Open Ownership (OO), a non-profit organization that works with governments to improve transparency in beneficial ownership. The register will provide access to legitimate interest stakeholders and facilitate data disclosure mechanisms.

Progress on Implementation

According to OO’s map, Ecuador has made progress in implementing its beneficial ownership reforms, although some details remain unclear. The country has committed to effective implementation of beneficial ownership transparency measures and the maintenance of a beneficial ownership registry or an alternative mechanism.

Roadmap for Beneficial Ownership Data Standard (BODS)

Ecuador has also committed to creating a roadmap for the implementation of BODS in the country as part of its 2022-24 Open Government Partnership national action plan. This will help ensure that data is structured and publicly available, making it easier to access and use.

Procurement Register

In addition, Ecuador has launched a procurement register, which provides information on government contracts and public spending. However, the register does not provide structured data or allow for real-time tracking of public funds.

Ongoing Efforts

Despite these efforts, there is still work to be done in Ecuador to achieve full transparency on beneficial ownership. Open Ownership continues to support the country’s Internal Revenue Service (Servicio de Rentas Internas) with its national beneficial ownership register implementation and data disclosure mechanisms.

Contact Information

For more information, please contact: Rodrigo Felix Montalvo

Last Updated

Records last updated: 11 June 2024.