Transparency of beneficial ownership information is an essential policy tool in the fight against corruption and illicit financial flows. Schemes used by natural and legal persons to obscure their beneficial ownership information and hide the proceeds of corruption often span international borders. They frequently include a complex chain of interconnected networks of cross-ownership, with each layer created in different jurisdictions using diverse legal entities and arrangements. Adequate beneficial ownership transparency helps to identify and disclose the use of corporate vehicles that conceal the proceeds of corruption and their beneficiaries, making it harder for corrupt individuals to launder illicit funds and benefit from their illegal gains.
Ensuring access to information on legal and beneficial owners of corporate vehicles is also fundamental for many other areas covered by the United Nations Convention against Corruption. It enables the prevention and detection of conflicts of interests, contributes to the transparency of political party and campaign financing and promotes transparency and effectiveness in public procurement and the management of public finances. It also contributes to the overall accountability and oversight of public institutions, fosters economic development and promotes a more accountable and equitable business environment by reducing opportunities for corruption, enabling fair competition and preventing abuses of tax regimes.
It is for these reasons that in the political declaration adopted by the General Assembly during its special session against corruption in 2021, UN Member States committed to making efforts in international cooperation and taking appropriate measures to enhance beneficial ownership transparency by ensuring that adequate, accurate, reliable and timely beneficial ownership information was available and accessible to competent authorities.
Furthermore, the Conference of the States Parties to the Convention, at its ninth and tenth sessions, adopted resolution 9/7 and resolution 10/6 which emphasized the importance of ensuring effective access to adequate, accurate and up-to-date beneficial ownership information of legal persons and legal arrangements.
UNODC, 2024
This report looks at the implementation of beneficial ownership transparency in ASEAN Member States and Timor-Leste, covering issues such as the collection and maintenance of beneficial ownership information and mechanisms to verify it.
UNODC, 2023
This resolution was adopted by the Conference of the States Parties to the UN Convention against Corruption at its tenth session (11-15 December 2023).
UNODC, 2023
This note was prepared by UNODC, as the secretariat of the Conference of the States Parties to the UN Convention against Corruption, for the tenth session of the Conference (11-15 December 2023).
UNODC, 2023
This conference room paper was prepared by UNODC, as the secretariat of the Conference of the States Parties to the UN Convention against Corruption, for the tenth session of the Conference (11-15 December 2023).
UNODC, 2023
This conference room paper was prepared by UNODC, as the secretariat of the Conference of the States Parties to the UN Convention against Corruption, for the tenth session of the Conference (11-15 December 2023).
UNODC, 2021
This resolution was adopted by the Conference of the States Parties to the UN Convention against Corruption at its ninth session (13-17 December 2021).
