Beneficial Ownership Transparency Key to Combating Corruption in Solomon Islands

A Two-Day Workshop on Combating Corruption and Preventing Illicit Financial Flows

Honourable officials and practitioners from seven Pacific island countries gathered in Honiara, Solomon Islands, for a two-day workshop aimed at combating corruption, stemming illicit financial flows, and preventing tax evasion. The event, coordinated by the United Nations Development Programme (UNDP), discussed the critical element of beneficial ownership transparency.

What is Beneficial Ownership Transparency?

Beneficial ownership transparency requires that the ultimate owners of an entity - natural persons who control corporations, trusts, foundations, or other entities - be disclosed through a central public registry. This is crucial in addressing corruption, enabling effective taxation, and promoting responsible businesses.

Workshop Attendees and Objectives

The workshop was attended by experts from the Asia Pacific Group on Money Laundering (APG) and Australian Transaction Reports and Analysis Centre (AUSTRAC), as well as officials from:

• Cook Islands
• Fiji
• Nauru
• Samoa
• Solomon Islands
• Tonga
• Vanuatu

The event aimed to share knowledge and best practices in implementing beneficial ownership disclosure frameworks across the Pacific.

Key Takeaways and Quotes

• In his opening remarks, Japan’s Ambassador to Solomon Islands, His Excellency Miwa Yoshiaki, reaffirmed Japan’s commitment to supporting the Government of Solomon Islands in strengthening institutional arrangements for integrity and transparency.
• British High Commissioner to Solomon Islands and Nauru, Mr. Thomas Coward, emphasized that corruption and money laundering are complex issues that require collective efforts to combat.
• APG Executive Secretary Gordon Hook highlighted the challenges Pacific jurisdictions face in implementing anti-money laundering and countering the financing of terrorist financing measures, including beneficial ownership disclosure.
• AUSTRAC’s National Manager for National Security and Discovery, Michael Tink, underscored the importance of identifying the beneficial owners of organizations to detect and prevent financial crimes, including money laundering, terrorism financing, and corruption.
• UNDP Programme Manager Nanise Saune-Qaloewai emphasized the critical role of public-private partnerships in addressing these issues.

Support for the Workshop

The workshop was supported by:

• The Government of the United Kingdom through the Pacific Anti-Corruption Project
• The Governments of Japan and Solomon Islands through the Transparency and Accountability for the People of Solomon Islands - the Project for Strengthening Capacities to Combat Corruption, both implemented by UNDP.

Conclusion

The workshop emphasized the importance of beneficial ownership transparency in combating corruption and preventing illicit financial flows. By sharing knowledge and best practices across the Pacific, the region can work together to strengthen institutional arrangements and promote responsible businesses.