Iraq Takes Step Towards Transparency in Mining Industry with Beneficial Ownership Disclosure Roadmap

December 2016

Iraq has launched a roadmap to improve transparency in its mining industry by disclosing beneficial ownership information. The initiative aims to combat corruption and ensure that extractive industries operate fairly and transparently.

Key Objectives

• To establish a database of all companies operating in Iraq’s extractive industries.
• To require companies to disclose their beneficial ownership information annually.
• To make the disclosed information publicly available and easily accessible.

The roadmap outlines a series of steps to be taken by the Iraqi government, including:

• Establishing a fixed procedure for collecting data on beneficial owners.
• Developing a template for reporting beneficial ownership information.
• Conducting workshops with institutions to define the level of disclosure required.
• Publishing the disclosed information in an easily accessible format.

Challenges Ahead

Implementing this roadmap will require significant effort and resources from the Iraqi government, companies operating in the extractive industry, and civil society organizations. However, if successful, it is expected to lead to increased transparency and accountability in Iraq’s mining sector.

Budget Allocation

The roadmap has been allocated a budget of $200,000 for the period 2017-2020.

Next Steps

The Iraqi government will begin implementing the roadmap in early 2017, starting with extraction companies operating in upstream and downstream sectors. The initiative is expected to be completed by 2020.

This article highlights the efforts of the Iraqi government to increase transparency in its mining industry. The implementation of this roadmap is a significant step towards ensuring that extractive industries operate fairly and transparently, and it is expected to have positive impacts on the country’s economy and society.