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Leveraging Beneficial Ownership Information in the Extractive Sector

Briefing
22 October 2018
Author
Erica Westenberg
Download
Leveraging Beneficial Ownership Information in the Extractive Sector (PDF 124.53 KB)
Topics
Beneficial ownership, Corruption, Contract transparency and monitoring, Global initiatives, Legislation and regulation, Tax policy and revenue collection
Countries
United Kingdom, United States
Precepts
P1 P2 P11 P12 What are Natural Resource Charter precepts?
Social Sharing

Regulatory and public pressure to increase transparency about the real people who own, control, or gain substantial economic benefits from companies—also known as beneficial owners—is growing globally. The demand for such disclosures is linked to increasing awareness that hiding beneficial ownership can facilitate corruption and financial misconduct. Innovations around beneficial ownership disclosure in extractive sector licensing highlight a new opportunity for coordination on legal frameworks and data platforms that cut across commercial sectors, agency mandates, and national jurisdictions to combat illicit financial flows yet still maintain flexibility for customization to meet challenges and risks in specific administrative and sectoral contexts.

In this discussion paper, part of the Council on Foreign Relations’ Global Governance to Combat Illicit Financial Flows series, NRGI governance programs director Erica Westenberg writes that now is the time to build bridges across beneficial ownership anticorruption efforts in the incorporation, banking, extractive, and real estate spheres. This must go beyond transparency. Westenberg notes beneficial ownership disclosure will only be impactful if this data is actually screened for corruption risks to help deter, detect, and penalize illicit financial flows.

This paper is based on research undertaken as part of existing programming of the Natural Resource Governance Institute.

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  • Topics
    Beneficial ownership
    Civic space
    Commodity prices
    Contract transparency and monitoring
    Coronavirus
    Corruption
    Economic diversification
    Energy transition
    Global initiatives
    Legislation and regulation
    Licensing and negotiation
    Mandatory payment disclosure
    Measurement of environmental and social impacts
    Measurement of governance
    Open data
    Revenue management
    Revenue sharing
    Sovereign wealth funds
    State-owned enterprises
    Subnational governance
    Tax policy and revenue collection
  • Approach
    • Stakeholders
    • Natural Resource Charter
    • Regional knowledge hubs
  • Priority
    Countries
    • Colombia
    • Dem. Rep. of Congo
    • Ghana
    • Guinea
    • Mexico
    • Mongolia
    • Myanmar
    • Nigeria
    • Peru
    • Tanzania
    • Tunisia
    • Uganda
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    • Training
    • Primers
  • Analysis & Tools
    • Publications
    • Tools
    • Economic models
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