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Pacific Islands Nations Join Forces to Boost Beneficial Ownership Transparency and Combat Corruption

Workshop Fosters International Cooperation to Stem Illicit Financial Flows and Prevent Tax Evasion

A two-day workshop was held in Honiara, Solomon Islands, bringing together officials and practitioners from seven Pacific island countries to discuss ways to combat corruption, stem illicit financial flows, and prevent tax evasion. The event was coordinated by the United Nations Development Programme (UNDP) in partnership with experts from the Asia-Pacific Group on Money Laundering (APG) and Australian Transaction Reports and Analysis Centre (AUSTRAC).

Beneficial Ownership Transparency: A Critical Element in Addressing Corruption

The workshop focused on beneficial ownership transparency, a critical element in addressing corruption, enabling effective taxation, and promoting responsible businesses. Beneficial ownership transparency requires that the ultimate owners of an entity, including natural persons who control companies, trusts, foundations, or other entities, are disclosed through a central public registry.

Key Takeaways

• Several speakers emphasized the importance of combating corruption and money laundering, with His Excellency Miwa Yoshiaki, Ambassador of Japan to the Solomon Islands, reaffirming Japan’s commitment to supporting the Government of Solomon Islands in strengthening its institutional arrangements for integrity and transparency.
• His Excellency Thomas Coward, British High Commissioner to Solomon Islands and Nauru, highlighted that corruption and money laundering are complex issues requiring collective efforts to fight against.
• APG Executive Secretary Gordon Hook noted that Pacific jurisdictions face challenges in implementing anti-money laundering and countering the financing of terrorist financing measures, including beneficial ownership disclosure.

International Frameworks and Public-Private Partnerships

The workshop also highlighted the importance of international frameworks, such as the United Nations Convention Against Corruption (UNCAC) and international standards requiring countries to implement measures ensuring transparency of beneficial ownership. UNDP Programme Manager Nanise Saune-Quealowai emphasized the need for public-private partnerships to address issues and ensure progress in beneficial ownership reforms.

Event Support

The workshop was supported by the Governments of Japan, Solomon Islands, and the United Kingdom through various projects implemented by UNDP. The event aimed to contribute to combating corruption and promoting transparency in the Pacific region, with UNDP marking the twentieth anniversary of UNCAC’s adoption this year under the theme “UNCAC at 20: Uniting the World Against Corruption”.

Conclusion

The workshop demonstrates the importance of international cooperation in addressing corruption and promoting transparency in the Pacific region. By sharing knowledge and best practices, Pacific island nations can work together to combat financial crime risks and curb corruption, ultimately contributing to a more transparent and accountable business environment.