BO6

Comprehensive framework for implementing beneficial ownership reporting systems based on 6 stages of #BO6global #beneficialownership @TimLawTax @michaelbarron23

[BO6 @BO6global]

BO6 is a 6 stage framework for designing and implementing beneficial ownership reporting, developed by @michaelbarron23 and @TimLawTax. Find out more here: https://t.co/Vgd55gn3wS #beneficialownership #transparency

[BO6 @BO6global]

Capturing the benefits is important, including those for private sector businesses. This is detailed in stage 6 of the #BO6global framework for design and implementation of #BeneficialOwnership https://t.co/xte0bJVAv5

[Tim Law @TimLawTax]

Tim Robinson @bhp sets out 3 key benefits for companies of public #BeneficialOwnership:
- Preventing corruption and levelling playing field
- Commitments cascading through supply chain
- Use for due diligence on suppliers
#IACC2022

[Tim Law @TimLawTax]

Yves Gonner of #Luxembourg Business Register sets out the sliding scale of sanctions, all the way to the company being struck off, and then passing of the case to the public prosecutor. #CSABOT #BeneficialOwnership

[BO6 @BO6global]

Although this blog piece on the balance of privacy and #transparency in #BeneficialOwnership predates the #CJEU ruling, the principles are still relevant. #CSABOT
https://t.co/uQNBkk3nXE

[BO6 @BO6global]

This is an important point. These 3 factors should be considered when designing and implementing a #BeneficialOwnership regime, and are part of the #BO6global framework. Getting these points right from the start will improve effectiveness.

[Tim Law @TimLawTax]

.@DeliaFerreira of @anticorruption sets out 3 key factors in making #BeneficialOwnership useful
1. Quality of data
2. Accessibility of data
3. Use of BO information.
Privacy is a fundamental right but subject to public interest. #AML is an example.
#CSABOT

[BO6 @BO6global]

@TimLawTax @michaelbarron23 This example of #BeneficialOwnership information being used by another government agency could provide important evidence for one way to "capture the benefits" of beneficial ownership - Stage 6 of the #BO6 framework.

[Tim Law @TimLawTax]

Latest blog from @michaelbarron23 and me: How UK tax authority HMRC is using #BeneficialOwnership information to help identify undeclared taxable income. https://t.co/xCDzUy43JG #HMRC #SelfAssessment

[Results for Development @results4dev]

#LTRC's report on #BeneficialOwnershipTransparency in #Mongolia addresses questions about some of the most complex issues facing any country that is implementing a #BeneficialOwnership disclosure regime.

https://t.co/hR2dRcj2fp

@TimLawTax @michaelbarron23 @BrookingsGov

[Tim Law @TimLawTax]

On #WorldMaritimeDay, here is an article by @michaelbarron23 and me on the role #BeneficialOwnership transparency can play in the fishing sector. https://t.co/RKWHK2SLmF

[Tim Law @TimLawTax]

Happening now! @CDD_Moz @SOMO @Oxfammoz and @TaxJusticeAfric hosting a hybrid webinar on #BeneficialOwnership in #Mozambique. Great opportunity to share views and experiences. #AMLCFT

[BO6 @BO6global]

Our 6-step framework #BO6 takes a country through the design and implementation phases of a #beneficialownership regime and then on to capturing the benefits of public BO data. Find out more here - https://t.co/xte0bJW8kD @TimLawTax @michaelbarron23

[Results for Development @results4dev]

#LTRC's report on #BeneficialOwnershipTransparency in #Mongolia addresses questions about some of the most complex issues facing any country that is implementing a #BeneficialOwnership disclosure regime.

https://t.co/ptIAljrHrO

@TimLawTax @michaelbarron23 @BrookingsGov

[Tim Law @TimLawTax]

Delighted to have been able to work on this second report for #LTRC on #BeneficialOwnership in #Mongolia. This paper considers state owned enterprises, listed companies, PEPs and other tricky topics.

[BO6 @BO6global]

Building a beneficial ownership register is not enough, a concrete compliance strategy is also needed. @TimLawTax & @michaelbarron23 set out a blueprint for this in their latest article: https://t.co/mWU5jmb2bw
#compliance #beneficialownership #BO6global #transparency #governance

[BO6 @BO6global]

Hot topic of Energy Security means understanding who really owns supply chain companies. Article by @michaelbarron23 & @TimLawTax on importance of #beneficialownership #transparency for energy & critical minerals security https://t.co/deiBegPgNK #bo6global #energy #supplychains

[BO6 @BO6global]

Be sure to catch this article. @michaelbarron23 & @TimLawTax consider the use of #BeneficialOwnership to tackle illegal activity in the fishing sector. Should governments require BO data on fishing vessels operating in costal waters? #BO6 #fishing #FiTI https://t.co/lnG7wdzmPa

[BO6 @BO6global]

Enforcing sanctions on Russian oligarchs needs verified info on identity of the real owners of companies and assets. This remains a challenge. Article by @michaelbarron23 and @TimLawTax here: https://t.co/ZPC5Lpq1Nr #beneficialownership

[Tim Law @TimLawTax]

11 months may have passed, but this blog piece by @michaelbarron23 and me seems strangely current. Politically exposed people (PEPs) and #BeneficialOwnership. Shining a light where those in positions of influence may have vested interests. #Corruption #BO6 https://t.co/ZkNoITxhZi

[BO6 @BO6global]

#PandoraPapers again focus attention on anonymous companies and the need for #BeneficialOwnership transparency. But the standards that try to keep the global financial system honest, #FATF's Recommendations, also need attention. #BO6global https://t.co/UUp4MmbLjM

[BO6 @BO6global]

Further revelations about the use of anonymous companies will only add to momentum behind registers of #BeneficialOwnership. An effective regime requires careful design and implementation if it is going to capture the benefits of disclosure. https://t.co/wm9dQquhUF #PandoraPapers

[BO6 @BO6global]

@EITIorg @AngloAmerican @bhp @Glencore @NewmontCorp @RepsolWorldwide @RioTinto Private sector support for #BeneficialOwnership is important to adoption of public registers. These 6 companies may be just the start. To be clear, #BO6 is our model for design and implementation of #BO regimes, unrelated to 6 companies committing to BO. Purely coincidental!👍