Open Government Partnership – Australia

1.2 - Beneficial ownership transparency

Overall status:
On-track

Australia will improve transparency of information of beneficial ownership and control of companies available to relevant authorities. This will assist these authorities to address issues of tax evasion, money laundering, corruption and terrorist financing.

This commitment will advance the OGP values of transparency and accountability in business by:

  • improving the effectiveness of our legal, regulatory and institutional frameworks;

  • preventing the misuse of corporate structures for illicit purposes such as corruption, tax evasion and money laundering;

  • protecting the integrity of the financial system; and

  • increasing growth through private sector investment.

Current status

Treasury is considering the submissions to the public consultation to inform recommendations to Government on the details, scope and implementation of a beneficial ownership register for companies.

Contact

Other stakeholders

Government: Government - Attorney General’s Department , Australian Securities and Investment Commission, G20, Australian Taxation Office, Australian Transaction Reports and Analysis Centre, Australian Criminal Intelligence Commission, Office of the Australian Information Commissioner, regional partners and Australian Accounting Standards Board, state and territory governments.

Non-Government: Companies, peak bodies (including Law Council of Australia), non-government organisations (including Australian Open Government Partnership Network, Publish What You Pay Australia and Transparency International Australia), reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act, FATF, Global Forum, international tax partners

Steps to implementation

Implementation Step Status

Treasury to release a public consultation paper seeking views on the details, scope and implementation of a beneficial ownership register for companies. The consultation will also consider the use of nominee shareholdings to conceal beneficial ownership. (February – April 2017)

Completed

Treasury will provide a recommendation to Government on the details, scope and implementation of a beneficial ownership register for companies (informed by public consultation). (July 2017)

On-track

Begin work to implement Government decision on transparency of beneficial ownership of companies. (August 2017 – expected to continue for the duration of this Plan)

Not yet commenced
Last updated: 08/08/2017

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