ATLANTA, United States – December 1, 2023 – In an era where the fight against corruption demands innovative solutions, Open Ownership is spearheading efforts to leverage Beneficial Ownership Data (BOI) for a global impact. As world leaders gather at the 10th Conference of States Parties (CoSP10) to the United Nations Convention against Corruption (UNCAC), Open Ownership advocates for a concerted effort to make BOI truly interoperable.
The Urgency of Interoperability: The rise of anonymously-owned companies, as spotlighted in exposés like the Panama, Paradise, and Pandora Papers, necessitates more than diplomatic gestures. Open Ownership underscores the need for action against criminals hiding behind corporate veils, emphasizing that over 60 countries have live registers for declaring beneficial owners, with 20 more in the pipeline.
Key Recommendations for CoSP10:
- Coordinate Efforts: Advocate for coordinated international policy and technology initiatives to enhance the digital exchange of BOI globally.
- Adopt Standards: Promote the adoption of international standards to facilitate seamless BOI exchange among stakeholders.
The Power of BOI: BOI proves instrumental in reducing corruption risks and combating financial crimes by revealing the true owners of companies. Open Ownership emphasizes the necessity for BOI to be interoperable, ensuring structured, interconnected, and easy exchange for maximum impact.
A Global Data Standard: Open Ownership’s Beneficial Ownership Data Standard (BODS) stands out as the leading global standard. Countries like Armenia and Nigeria have already embraced BODS, with the United Kingdom recognizing it as the accepted standard for collecting BOI. Notably, Canada plans to adopt BODS, with Senator Percy Downe highlighting its potential for seamless communication and technical compatibility.
Interoperable Tools in Action: BODS enables the development of interoperable anti-corruption tools, such as Kenya’s Bluetail project, which combines BO and procurement data to flag corruption risks in public procurement.
Open Ownership is a global leader in developing interoperable BO data, Open Ownership has assisted over 40 countries in implementing BO Transparency (BOT) reforms. Open Ownership remains committed to driving the global fight against corruption by emphasizing the importance of interoperable BO data at CoSP10.
