700 Signatories Urge G7 Finance Ministers to Prioritize Beneficial Ownership Registers
A record-breaking 700 signatories have joined a petition urging G7 Finance Ministers and Central Bank Governors to prioritize measures for tackling corporate secrecy by promoting beneficial ownership registers. The signatories, including leading economists, trade unions, and civil society organizations, are calling on the finance ministers to explicitly endorse the global adoption of such registers.
A Global Call to Action
The petition was launched ahead of the UN General Assembly Special Session (UNGASS) against Corruption in June 2021. It urges the G7 Finance Ministers and Central Bank Governors to take a strong stance on beneficial ownership transparency, emphasizing that this is crucial for preventing kleptocrats from undermining an inclusive recovery from COVID-19.
The Importance of Beneficial Ownership Registers
The petition also calls on FATF (Financial Action Task Force), as the global standard-setter on anti-money laundering, to lead the way by putting forward requirements that are fit-for-purpose. Transparency International, a leading anti-corruption organization, has been at the forefront of advocating for beneficial ownership transparency and has proposed specific ways to strengthen the global standard.
Recent Developments
In recent months, there have been significant developments in the push for beneficial ownership transparency:
- The UN General Assembly Special Session adopted a political declaration committing countries to enhance beneficial ownership transparency.
- FATF released a white paper for public consultation on strengthening its standards.
Concerns Remain
However, Transparency International remains concerned that the current standards are not yet fit-for-purpose and urges further action. “The Pandora Papers investigations have once again exposed the extent of corporate secrecy and money laundering,” said Maíra Martini, Transparency International’s anti-money laundering expert. “It is time for governments to take concrete action to prevent dirty money from flowing into their countries.”
Global Support
The 700 signatories of the petition include representatives from over 30 countries, demonstrating a global commitment to tackling corporate secrecy and promoting beneficial ownership transparency.
Conclusion
The petition serves as a powerful reminder of the need for governments and international organizations to take concrete action against corporate secrecy and money laundering. By prioritizing beneficial ownership registers, we can prevent kleptocrats from undermining inclusive recoveries and promote a more transparent and accountable financial system.