Financial Crime World

PACIFIC ISLANDS LEADERS COMMIT TO BOOSTING BENEFICIAL OWNERSHIP TRANSPARENCY TO FIGHT CORRUPTION

Honiara, Solomon Islands - A Two-Day Workshop on Combating Corruption and Promoting Responsible Businesses

Officials and practitioners from seven Pacific island nations gathered in Honiara, Solomon Islands to discuss ways to combat corruption, prevent illicit financial flows, and promote responsible businesses. The two-day workshop was facilitated by the United Nations Development Programme (UNDP) and focused on beneficial ownership transparency as a critical element in addressing corruption.

What is Beneficial Ownership Transparency?

Beneficial ownership transparency means that the ultimate owners of an entity are disclosed through a central public registry. This can help detect and prevent financial crimes such as money laundering, terrorism financing, and corruption. Case studies have shown how corporate vehicles can be used to hide and transfer the proceeds of crime and conceal identities involved in large-scale corruption.

Commitments from Pacific Island Leaders

  • Japan’s Ambassador to Solomon Islands, His Excellency Miwa Yoshiaki, reaffirmed Japan’s commitment to supporting the Government of Solomon Islands in strengthening institutional arrangements for integrity and transparency.
  • British High Commissioner to Solomon Islands and Nauru, Mr. Thomas Coward, emphasized that corruption and money laundering are complex issues requiring collective efforts to combat them.

Challenges Faced by Pacific Jurisdictions

  • The Asia Pacific Group on Money Laundering (APG) Executive Secretary, Mr. Gordon Hook, highlighted the challenges faced by Pacific jurisdictions in implementing anti-money laundering measures, including beneficial ownership disclosure.
  • Experts from AUSTRAC, Australia’s financial intelligence agency, emphasized the importance of identifying the ultimate control of organizations to detect and prevent financial crimes.

Regional Partnerships Crucial for Progress

  • The UNDP Programme Manager, Officer-in-Charge, Ms Nanise Saune- Qaloewai, said that beneficial ownership reforms are crucial in tackling corruption in the Pacific region.
  • Fostering public-private partnerships is critical to address issues and ensure progress in these reforms.

Support for Beneficial Ownership Reforms

The workshop was supported by the Government of the United Kingdom through the Pacific Anti-Corruption Project and the Governments of Japan and Solomon Islands through the Transparency and Accountability for the People of Solomon Islands - the Project for Strengthening Capacities to Combat Corruption, both implemented by UNDP.