Beneficial Ownership Transparency: A Guide for Parliaments
Conclusion
When implemented effectively, BOT has great potential to improve governance and accountability, and to curb all sorts of illicit activities – such as tax evasion, money laundering, procurement fraud and much more. Good legislation – with robust definitions of beneficial ownership, clear access provisions and penalties for noncompliance – provides a solid foundation for effective reforms, allowing countries to reap the full benefits of BOT reform. Parliaments play a key role in enacting these reforms and overseeing their implementation to ensure they produce the intended outcomes.