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Solomon Islands Unveils Roadmap for Beneficial Ownership Transparency

Honolulu, HI - The Solomon Islands government has launched a roadmap aimed at increasing transparency in beneficial ownership (BO) disclosures, a key step in combating corruption and promoting good governance.

Collaboration and Objectives

The country’s Ministry of Mines, Ministry of Finance, Customs, Internal Revenue Department, and Prime Minister’s Office have collaborated to develop the roadmap, which outlines eight objectives for enhancing BO transparency. The plan includes activities such as:

• Studying legal barriers and opportunities for BO disclosure
• Developing a definition of beneficial ownership
• Establishing reporting obligations for Politically Exposed Persons (PEPs)

Emphasis on Data Collection and Accessibility

The roadmap also emphasizes the importance of data collection, accuracy, timeliness, and accessibility. It calls for the creation of an integrated database to store BO information, which will be made available to the public.

“We are committed to increasing transparency in our economy and promoting good governance,” said a government official. “Our roadmap outlines a clear plan for achieving this goal, and we look forward to working with stakeholders to implement it.”

EITI Membership and Commitment

The Solomon Islands is one of several Pacific island nations that has committed to implementing beneficial ownership transparency as part of its Extractive Industries Transparency Initiative (EITI) membership. Under the EITI, companies operating in the extractive industries are required to disclose information about their owners and controllers.

Implementation Timeline

The Solomon Islands’ roadmap for beneficial ownership transparency is expected to be implemented over the next two years, with various stakeholders involved in its implementation.