SEC pushes ownership transparency to curb corporate misuse
The regulator has partnered with the United Nations Office on Drugs and Crime and Open Ownership to promote best practices in beneficial ownership transparency
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The regulator has partnered with the United Nations Office on Drugs and Crime and Open Ownership to promote best practices in beneficial ownership transparency
The Securities and Exchange Commission (SEC) is stepping up efforts to implement beneficial ownership (BO) policies aimed at preventing the misuse of corporate structures for illegal activities.
On Tuesday, the regulator said that key initiatives including requiring corporations to declare their beneficial owners in General Information Sheets, banning the issuance of bearer shares to enhance transparency, and launching an amnesty program in 2023 to boost corporate compliance have helped improve compliance rates in the country.
To sustain the momentum, the SEC has also partnered with the United Nations Office on Drugs and Crime and Open Ownership to promote best practices in BO transparency.
Past initiatives include a 2022 workshop on using BO data to combat corruption and a 2023 discussion on applying BO information for public procurement and tax integrity.
Data-sharing agreements
These efforts led to data-sharing agreements with key government agencies such as the Bureau of Internal Revenue and the Government Procurement Policy Board.
BO transparency provisions were also incorporated into the newly enacted RA 12009 or the New Government Procurement Law, signed by President Ferdinand Marcos Jr. in July.
SEC representatives recently participated in the Regional Peer Exchange on Advancing Anti-Corruption Efforts through Beneficial Ownership Transparency in Jakarta, Indonesia, from 12 to 15 August, further solidifying the Commission's commitment to regional cooperation in fighting corruption.
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