‘Beneficial Ownership Seminar for the Asia Pacific region’ has been conducted on 28-30 May in Manila, Philippine. The seminar has been organized by Global Forum on Transparency and Exchange of Information on Tax Purpose in collaboration with the Asian Development Bank(ADB), the World Bank, and the OECD Korea Policy Centre (Tax Programme).
Objectives of the Seminar has been to explain the concept of beneficial ownership and update participants on recent developments involving this concept. Participants and experts have discussed the legal, regulatory, policy and institutional requirements of ensuring the availability of beneficial ownership information. Also, experts have explained other beneficial ownership initiatives and described the approach taken to ensuring the availability of beneficial ownership information in Asia and Pacific by giving lectures and leading case studies. Accordingly, they have gotten to understand the interplay between anti-money laundering (AML) and tax requirements relating to beneficial ownership information.
These are the main topics discusses during the seminar
– The relevance of Beneficial Ownership Information
– Definition and content of the notion of Beneficial Ownership
– Misuse of legal entities for illicit purposes
– Beneficial Ownership and Exchange of Information on Request
– Promoting transparency in the extractive industry
– New initiatives on effective availability and exchange of beneficial ownership information
Through the seminar, participants have clearly understood the concept of beneficial ownership and its requirements for Asian and Pacific countries. Finally, they have improved awareness of the steps needed to meet the international standards on beneficial ownership and the importance of a cross-governmental approach.
Tax Programme, OECD Korea Policy Centre
