Solomon Islands Hosts Regional Workshop on Beneficial Ownership Disclosure

A two-day workshop was held in Honiara, Solomon Islands, bringing together officials and practitioners from seven Pacific island countries to discuss the critical element of beneficial ownership transparency in combating corruption and promoting responsible businesses.

Implementing Effective Beneficial Ownership Disclosure Frameworks

The workshop, coordinated by the United Nations Development Programme (UNDP), focused on implementing effective beneficial ownership disclosure frameworks across the Pacific region. Experts from the Asia-Pacific Group on Money Laundering (APG) and Australian Transaction Reports and Analysis Centre (AUSTRAC) shared knowledge and experiences with participants.

What is Beneficial Ownership Transparency?

Beneficial ownership transparency means that the ultimate owners of an entity, including natural persons who control companies, trusts, foundations, or other entities, are disclosed through a central public registry. This helps to prevent tax evasion and stem illicit financial flows by identifying those involved in large-scale corruption.

Regional Support for Combating Corruption

Japan’s Ambassador to Solomon Islands, Miwa Yoshiaki, reiterated Japan’s commitment to supporting the Solomon Islands government in strengthening institutional arrangements for integrity and transparency. The British High Commissioner to Solomon Islands and Nauru, Thomas Coward, emphasized that combating corruption and money laundering requires all stakeholders to come together.

Challenges and Opportunities

APG Executive Secretary Gordon Hook highlighted the challenges Pacific jurisdictions face in implementing anti-money laundering measures, including beneficial ownership disclosure. He stressed that establishing accessible registers would help address financial crime risks and curb corruption.

Regional Frameworks for Combating Corruption

The workshop also discussed the importance of regional frameworks, such as the Framework for Pacific Regionalism (2014) and the Teieniwa Vision - Pacific Unity Against Corruption (2021), in preventing and fighting corruption and related financial crimes.

Experts’ Insights

AUSTRAC National Manager for National Security and Discovery, Michael Tink, emphasized the need to identify beneficial owners to detect and prevent financial crimes. UNDP Programme Manager Nanise Saune- Qaloewai highlighted the importance of public-private partnerships in addressing corruption reforms.

Support and Partnerships

The workshop was supported by the Governments of Japan, Solomon Islands, and the United Kingdom through the Pacific Anti-Corruption Project, implemented by UNDP. The event is part of a global effort to combat corruption, marked this year as the 20th anniversary of the United Nations Convention Against Corruption (UNCAC).