Guide to drafting effective legislation for beneficial ownership transparency

Conclusion

A legislative framework is the foundation of any BOT regime. This should be rooted in a well-informed policy framework and developed through comprehensive consultations with relevant stakeholders throughout the process of proposing, drafting, and debating legal provisions. The framework should lay a solid legal basis for disclosure by clearly articulating policy goals, defining key concepts, and ensuring that all ensuing provisions concerning the obligations, rights, and responsibilities of individuals and corporate entities, as well as the powers, mandates, and duties of government agencies, align with the government’s policy objectives.

Well-drafted legislation ensures clarity, enables compliance, and helps guarantee the sustainability of reforms by making them able to withstand potential legal challenges. Designing legislation for BOT requires careful consideration of the various stages, components, and how these are best legislated for when applied to a domestic legal context, as there is no one-size-fits-all approach. Those drafting, reviewing, or familiarising themselves with legislation should consult other parties and resources in conjunction with this guidance. Given the significant work and the involvement of multiple agencies necessary to achieve compliance, jurisdictions should adopt a whole-of-government approach. This ensures engagement with relevant stakeholders in establishing a BO regime that achieves domestic policy objectives whilst meeting international standards.