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Transparency and Beneficial Ownership Data in Argentina’s Extractive Industries

Introduction

Argentina’s legislation has been criticized for its contradictory and confusing nature, leading to a lack of transparency in beneficial ownership (BO) data. This issue affects the extractive industries, where transparency is crucial for accountability and good governance.

Key Challenges

• Lack of Transparency: The current legislation creates confusion, hindering efforts to obtain BO data.
• Exceptions: Fiscal secrecy has been used as an excuse to withhold BO information from the public.
• Conflicting Laws: Laws like the Law of Access to Public Information (LAIP) and banking secrecy create obstacles to publicly available BO data.

Recommendations

The authors suggest establishing a comprehensive primary law that regulates the disclosure of BO data, defining exceptions and balancing competing interests. This would provide clarity and promote transparency in the extractive industries.

Potential Progress

The extractive industries pilot trial has the potential to drive progress towards greater transparency in this area.