TRANSPARENCY OF ASSET AND BENEFICIAL OWNERSHIP INFORMATION

The Financial Accountability, Transparency and Integrity (FACTI) Panel published this Background Paper 4 on 19 July.  It was prepared for the UN High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda Financing for Sustainable Development (FACTI), which is developing reforms to tax and anticorruption laws, asset recovery rules, beneficial ownership disclosure requirements, and other international norms to staunch the outflow of illicit funds from developing nations.  A critical issue the panel will address is the reforms necessary to ensure corrupt officials cannot use a corporation, trust, or other legally created entity – a “legal person” in lawyer-speak — to hide their wrongdoing.  The Paper provides a comprehensive briefing on the subject.

https://uploads-ssl.webflow.com/5e0bd9edab846816e263d633/5f150c1c6354699b05e3e6f7_FACTI%20BP4%20Asset%20and%20benficial%20ownership%20registries.pdf

The FACTI Panel produced an interim report in September, saying that a drain on resources does more than financial damage. It erodes trust in both social contracts as well as international governance systems, enhances inequalities within and between nations and also undermines their ability to respect, protect and fulfil human rights.  The Panel’s final report, to be published in February 2021, will advance specific recommendations and will focus on recommendations which are technically feasible, politically viable, and have direct bearing on releasing resources for the UN Sustainable Development Goals.  The Panel plans to present its recommendations according to a realistic timeframe for implementation, specifying proposals for immediate action, those that require more time to formulate the response, and those that need a longer time to achieve.

https://uploads-ssl.webflow.com/5e0bd9edab846816e263d633/5f7f44f76cf2f11732c2b5f0_FACTI_Interim_Report_final_rev.pdf

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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