Financial Crime World

Greenland Enhances Beneficial Ownership Transparency with New Reforms

Increased Transparency in Greenland’s Business Sector

The Greenlandic Parliament has taken a significant step towards increasing transparency in the country’s business sector by implementing reforms aimed at tracking beneficial ownership. As of January 1, 2018, Greenland has adopted the Danish Companies Act, which includes provisions for maintaining accurate records of company ownership.

Key Provisions of the Reforms

  • Automatic transfer of companies: All companies from the Greenlandic Business Register (GER) will be automatically transferred to the Danish Business Register (CVR), streamlining the process of tracking beneficial ownership.
  • Clearer picture of business ownership: The reforms are expected to provide a clearer picture of who owns and controls businesses in Greenland.

Limitations of the Data

While Greenland has implemented these reforms, there may still be some limitations in terms of the comprehensiveness of the data available. According to Open Ownership, a global initiative aimed at promoting transparency in company ownership, not all countries have accurate or up-to-date information on beneficial ownership.

Positive Step towards Increased Accountability

Greenland’s commitment to enhancing beneficial ownership transparency is a positive step towards increasing accountability and reducing the risk of illicit financial flows. As the country continues to develop its business sector, it will be important for Greenland to maintain high standards of transparency and ensure that all companies operating in the country are held accountable for their actions.

Benefits of Increased Transparency

  • Reduced risk of illicit financial flows: By increasing transparency in company ownership, Greenland can reduce the risk of illicit financial flows and promote a more stable business environment.
  • Increased accountability: The reforms will help to ensure that all companies operating in Greenland are held accountable for their actions, promoting a more transparent and responsible business sector.