Myanmar Unveils Beneficial Ownership Tracking Register for Extractives Sector
Introduction
The Myanmar Extractive Industries Transparency Initiative (EITI) has made a significant step towards greater transparency in the country’s lucrative oil, gas, and mining sectors by launching a new beneficial ownership tracking register. This initiative follows Nigeria’s similar move at the end of 2019.
Key Features of the Register
- Captures detailed information on beneficial owners, including phone numbers and email addresses
- Provides quality identifiers and transparency into non-disclosure
- Offers a scope of data that has been praised by experts
Challenges and Areas for Improvement
While the register is an important step towards greater transparency, there are areas that need improvement:
- Regular Updates: The dataset needs to be updated regularly to ensure its relevance and accuracy.
- Data Protection: There are concerns about the potential misuse of personal data collected by the register. Experts argue that publishers must be proportionate and responsible in what they choose to publish to maintain trust.
- Verification of PEP Data: Verifying politically exposed person (PEP) data is a challenge that needs to be addressed.
- Beneficial Ownership Definitions: There are conflicting definitions of beneficial ownership and disclosure thresholds in Myanmar. Experts recommend harmonizing these definitions across sectors to simplify compliance and reduce costs for companies.
Future Plans
The Myanmar EITI plans to review its register, which experts welcome as an iterative approach to beneficial ownership transparency. A deeper analysis of the data is also planned, involving mapping it to an international standard and analyzing it statistically to improve understanding and identification of beneficial owners.
Conclusion
The launch of Myanmar’s beneficial ownership tracking register marks an important step towards greater transparency in the extractives sector. However, there are still areas for improvement to ensure its long-term sustainability. With ongoing efforts to address these challenges, the register is expected to become a valuable tool for promoting transparency and accountability in the sector.