Legislating for effective beneficial ownership transparency reforms in the extractive sector

Conclusion

Comprehensive legislation, based on a broadly consulted policy framework, is the foundation of any BO transparency regime. Good legislation provides a solid legal basis for disclosure by making the policy objectives clear and defining new concepts. It will also ensure that all ensuing provisions related to the obligations, rights and responsibilities of individuals and corporate vehicles, and to the powers, mandate and responsibilities of various government agencies are consistent and appropriate to achieving the stated objective.

Effective legislation further ensures clarity and compliance, and promotes the sustainability of reforms by making them better able to withstand potential legal challenges. There is no one-size-fits-all solution to legislating for BO transparency. This technical guidance aims to provide the minimum aspects of a legal framework. Those considering, drafting or reviewing legislation are encouraged to consult other parties and resources in conjunction with the use of this guidance.