Facilitating Beneficial Ownership Disclosures in the Philippines

A prior workshop on open data standards in the Philippines is summarized <a href="https://www.unodc.org/roseap/en/what-we-do/anti-corruption/topics/2021/20-pioneering-open-data-standards-philippines.html">here</a>
A prior workshop on open data standards in the Philippines is summarized here

Manila (Philippines), 7 March 2022 - Transparency of the beneficial ownership of corporate vehicles is increasingly regarded as an essential element in the fight against corruption, and as a tool for preventing money laundering and countering the financing of terrorism. As numerous case studies have shown, corporate vehicles, including companies, trusts, foundations, and fictitious entities, can be misused to conceal the identities of the people involved in large-scale corruption and to hide and transfer the proceeds of corruption. The impact of corruption on economic growth is serious, wasting some 20-40% of official development assistance every year.

To increase levels of beneficial ownership transparency, UNODC organized a Workshop on the Technical Review of the Beneficial Ownership Declaration Form, with the participation of the Securities and Exchange Commission (SEC) of the Philippines. At the workshop, which took place on 7 March 2022, UNODC and Open Ownership provided technical advice to the SEC on their review of the Beneficial Ownership Declaration Form, to ensure compliance with the Beneficial Ownership Data Standard (BODS), which provides a structured data format and guidance for collecting, sharing, and using data on beneficial ownership.

Selection of online participants at the Workshop on the Technical Review of the Beneficial Ownership Declaration Form
Selection of online participants at the Workshop on the Technical Review of the Beneficial Ownership Declaration Form

The workshop is part of a broader initiative that seeks to enhance responses to corruption in the context of the Covid-19 pandemic. Through this project, as the guardian of the United Nations Convention against Corruption (UNCAC) and the United Nations Convention against Transnational Organized Crime (UNTOC), UNODC offers a wide range of capacity-building activities and technical assistance to national authorities and other relevant stakeholders in nine counties, including the Philippines, to strengthen coordination among national oversight institutions and law enforcement agencies, enhance transparency and accountability in public procurement, strengthen beneficial ownership transparency, facilitate reports of corruption and other wrongdoings as well as effectively ensure the protection of reporting persons.

This workshop was part of activities funded by the US Department of State's Bureau of International Narcotics and Law Enforcement Affairs (INL). Footage (where available) and written summaries of UNODC events are publicly available via our website.

Other Useful Links:

  • A written summary and short video of a training on financial crime investigations in the Philippines is available here
  • UNODC‚Äôs wider work on open data standards in the Philippines is summarized here
  • The footage of UNODC Anti-Corruption Webinars in Southeast Asia, where available, can be viewed on our social media page here
  • A summary of activities by the UNODC Anti-Corruption Team in Southeast Asia is available on our website here