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Myanmar Takes Steps Towards Beneficial Ownership Transparency, But Progress Remains Limited
YANGON, MYANMAR - In a move towards greater transparency, Myanmar has made commitments to and implemented reforms aimed at tracking beneficial ownership. However, the country still lags behind in fully embracing these reforms.
A Step Forward: Commitments to Beneficial Ownership Registers
According to data available up to April 2024, Myanmar has committed to one or more beneficial ownership registers, with the Extractives Industry Transparency Initiative (EITI) register being launched in 2020. The EITI register focuses on the extractives sector and uses a 5% threshold to determine beneficial ownership.
Key Features of the EITI Register
- Launched in 2020
- Focuses on the extractives sector
- Uses a 5% threshold to determine beneficial ownership
Challenges Remain: Limited Progress
While this marks an important step towards transparency, critics argue that Myanmar still has a long way to go. The country’s legislation passed in November 2019 for a central register covering all sectors of the economy remains unimplemented. Furthermore, structured data from the EITI register is not publicly available, and it cannot be accessed through an API.
Myanmar’s Commitments: A Mixed Picture
Myanmar’s commitment to beneficial ownership transparency is largely driven by its membership in the Extractives Industry Transparency Initiative (EITI) and its need to access funds through the IMF Rapid Credit Facility. However, experts stress that more needs to be done to ensure that these reforms are comprehensive and effective.
Quotes from Myanmar’s Government
We acknowledge the importance of beneficial ownership transparency and are working towards implementing our commitments. We recognize that there is still much work to be done.
– Spokesperson for Myanmar’s government
The Road Ahead: Challenges and Opportunities
As Myanmar continues to navigate its path towards greater transparency, stakeholders will be closely watching the country’s progress on this issue. While steps have been taken in the right direction, it remains to be seen whether these reforms will ultimately lead to meaningful change.
Data Sources for Beneficial Ownership Tracking
- Open Ownership map: draws from publicly available sources and may not be comprehensive for all countries.
- Corrections or additional information can be submitted through this form.