HAITI’S PUSH FOR TRANSPARENCY: BENEFICIAL OWNERSHIP DISCLOSURE REFORMS STILL IN DEVELOPMENT

Introduction

As part of its efforts to combat money laundering and corruption, Haiti has made commitments to implement beneficial ownership transparency reforms. However, despite these intentions, the country still lags behind in publicly disclosing crucial information about who ultimately owns and controls businesses within its borders.

The Need for Beneficial Ownership Transparency

• Combating Money Laundering: Complex corporate structures can be used to hide illicit financial flows, making it difficult to track down corrupt actors.
• Fighting Corruption: Without transparent corporate ownership information, authorities find it challenging to prosecute corrupt individuals and entities.
• Promoting Good Governance: Beneficial ownership transparency is essential for promoting good governance and accountability in businesses operating within Haiti’s borders.

Haiti’s Progress (or Lack Thereof)

Despite its commitment to beneficial ownership transparency, Haiti has not yet implemented any meaningful measures to ensure that companies operating in the country disclose their true owners. This lack of transparency creates an environment conducive to illicit financial flows.

• No Concrete Plans or Timelines: The Haitian government has not announced any concrete plans or timelines for implementing beneficial ownership transparency reforms.
• Incomplete Progress: Haiti remains one of the few nations that have not made any information public about implementing beneficial ownership transparency reforms.

International Community’s Response

The Open Ownership map, a global database tracking beneficial ownership disclosure efforts, highlights Haiti’s incomplete progress in this area. The map notes that there is currently no publicly available information on beneficial ownership transparency reforms in Haiti, leaving the country shrouded in secrecy.

• Concerns about Commitment to Fighting Corruption: Haiti’s failure to make meaningful strides in beneficial ownership disclosure raises concerns about its commitment to fighting corruption and promoting good governance.
• Need for Greater Transparency and Accountability: The international community continues to push for greater transparency and accountability, emphasizing the importance of beneficial ownership transparency reforms.