Beneficial Ownership Transparency Requirements Crucial to Countering Corruption in Fiji
A two-day workshop was held in Honiara, Solomon Islands, bringing together officials and practitioners from seven Pacific island countries to discuss beneficial ownership transparency as a key element in combating corruption, preventing tax evasion, and promoting responsible businesses. The event was coordinated by the United Nations Development Programme (UNDP) with experts from the Asia-Pacific Group on Money Laundering (APG) and Australian Transaction Reports and Analysis Centre (AUSTRAC).
What is Beneficial Ownership Transparency?
Beneficial ownership transparency refers to the disclosure of the ultimate owners of an entity, including natural persons who control companies, trusts, foundations, or other entities. This is critical in addressing corruption, enabling effective taxation, and promoting responsible businesses.
Importance of Implementing Measures for Transparency
The workshop highlighted the importance of implementing measures to ensure transparency of beneficial ownership of corporate entities in Pacific jurisdictions. Participants emphasized the need for all stakeholders to come together to fight against money laundering and corruption.
Challenges and Solutions
Participants discussed the challenges in implementing an effective beneficial ownership disclosure framework across the Pacific region. They emphasized the need for:
- All stakeholders to come together to fight against money laundering and corruption
- Implementing measures to ensure transparency of beneficial ownership of corporate entities
The event was supported by the Government of the United Kingdom through the Pacific Anti-Corruption Project, and the Governments of Japan and Solomon Islands through the Transparency and Accountability for the People of Solomon Islands project.
Keynote Speakers
His Excellency Miwa Yoshiaki, Ambassador of Japan to the Solomon Islands
Speaking at the opening ceremony, H.E. Miwa Yoshiaki reaffirmed Japan’s commitment to supporting the Government of Solomon Islands in strengthening institutional arrangements for integrity and transparency.
Mr. Thomas Coward, British High Commissioner to Solomon Islands and Nauru
H.E. Mr. Thomas Coward emphasized that corruption and money laundering are complex issues requiring all stakeholders to come together.
Expert Insights
APG Executive Secretary, Mr. Gordon Hook
Mr. Hook highlighted the importance of implementing anti-money laundering and countering the financing of terrorist financing measures, including beneficial ownership disclosure.
AUSTRAC National Manager for National Security and Discovery, Michael Tink
Mr. Tink stressed the need to identify the beneficial owners of organizations to detect and prevent financial crimes.
Conclusion
The workshop aimed to contribute to combating corruption, stemming illicit financial flows, and preventing tax evasion in Pacific jurisdictions. The UNDP will continue to work towards progress on the anti-corruption agenda in the region, marking the twentieth anniversary of the United Nations Convention Against Corruption (UNCAC) this year.