Financial Crime World

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Beneficial Ownership Transparency Lacking in Syria

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Despite international calls for greater transparency, the Syrian Arab Republic remains one of the few countries in the world that has failed to make significant progress on beneficial ownership reforms.

The Importance of Beneficial Ownership Transparency

Knowing who ultimately owns and controls companies is crucial, especially in regions prone to money laundering and terrorist financing. Without this information, it becomes increasingly difficult for authorities to track illicit financial flows and hold perpetrators accountable.

Challenges Faced by Anti-Corruption Efforts

The dearth of information on beneficial ownership in Syria raises serious questions about the effectiveness of anti-corruption efforts in the country.

A Lack of Progress on Beneficial Ownership Reforms

According to publicly available sources, the Syrian Arab Republic has made no commitments to implementing beneficial ownership transparency measures. This lack of action is particularly concerning given the growing recognition of the importance of beneficial ownership transparency as a key component of good governance.

The Open Ownership Initiative’s Assessment

The Open Ownership initiative, which aims to promote greater transparency on corporate ownership around the world, notes that Syria has made no information publicly available on its implementation of beneficial ownership reforms. This lack of transparency is reflected in the Open Ownership map, where Syria is marked in grey as one of the few countries with no progress on this critical issue.

Implementation Details

No Commitments Made by Government or Regulatory Bodies

  • No information available on implementation of beneficial ownership transparency measures
  • No commitments made by government or regulatory bodies

Concrete Steps Needed for Progress

Until the Syrian Arab Republic takes concrete steps to improve its record on beneficial ownership transparency, it will remain a major obstacle to efforts to combat corruption and promote good governance.