Pacific Islands Countries Embark on Journey to Transparency with Beneficial Ownership Disclosure

A two-day workshop was held in Honiara, Solomon Islands, bringing together officials and practitioners from seven Pacific island countries to discuss the critical element of beneficial ownership transparency. The event focused on combating corruption, stemming illicit financial flows, and preventing tax evasion.

Importance of Beneficial Ownership Transparency

Experts from the Asia Pacific Group on Money Laundering (APG) and Australian Transaction Reports and Analysis Centre (AUSTRAC) shared knowledge on the challenges in implementing an effective beneficial ownership disclosure framework across the Pacific. The workshop participants highlighted that beneficial ownership transparency is crucial to detecting and preventing financial crimes, including money laundering, terrorism financing, and corruption.

Challenges and International Frameworks

According to APG Executive Secretary Gordon Hook, Pacific jurisdictions are not immune to financial crime risks and face many challenges with implementing anti-money laundering and countering the financing of terrorist financing measures, including beneficial ownership disclosure. The workshop discussed the importance of international frameworks, such as the United Nations Convention Against Corruption (UNCAC), in promoting transparency and combating corruption.

Public-Private Partnerships

The participants emphasized the need for public-private partnerships to address the issues and ensure progress in implementing beneficial ownership reforms. The Governments of Japan and the Solomon Islands, through the Transparency and Accountability for the People of Solomon Islands – the Project for Strengthening the Capacities to Combat Corruption (TAPSCCC), implemented by UNDP, supported the workshop. The Government of the United Kingdom funded the Pacific Anti-Corruption Project.

UNDP’s Role in Fostering Public-Private Partnerships

UNDP Programme Manager Nanise Saune-Qaloewai emphasized that fostering public-private partnerships is critical to address the issues and ensure progress in beneficial ownership reforms. The UNDP will further consolidate its efforts to contribute to progress on the anti-corruption agenda in the Pacific, marking the twentieth anniversary of UNCAC with the theme “UNCAC at 20: Uniting the World Against Corruption”.

Conclusion

The workshop marked an important step towards implementing beneficial ownership transparency across the Pacific island countries. The participants recognized the importance of international cooperation and public-private partnerships in combating financial crimes and promoting transparency.