video phone beyonce mp3 Ending Company Anonymity: The Key to Fighting Corruption (EITI Video, Subtitled in Myanmar Language)

Millions of companies are established all over the world every year. But sometimes, the owners of those companies are anonymous and untraceable.

This "hidden ownership" of companies is wide open to abuse: in early 2016, the leaked "Panama Papers" exposed how corrupt public officials and tax evaders all over the world too often use anonymous legally registered companies to organize and hide money laundering, corruption and bribery.

According to a recent Global Financial Integrity report, developing countries have been losing a trillion dollars a year and rising since 2011 as a result of corrupt or illegal deals, many of which involve anonymous companies.




Hidden ownership is a particular challenge in the extractive sector. Natural resources belong to a country’s citizens and the benefits of oil, gas and minerals should reach them.

The Extractive Industries Transparency Initiative (EITI) is the global standard that requires countries and companies to disclose key steps in how their oil, gas and mining revenues are managed.

Sadly, particularly in countries with weak organisation and governance, rights to extract oil and minerals are sometimes given to incompetent and irresponsible companies that do not intend to benefit the people that live in the country.

This also poses problems for "honest" companies that don’t know who they’re doing business with.

The African Progress Panel reported that the Democratic Republic of the Congo lost at least 1.36 billion U.S. dollars between 2010 and 2012 from the sale of five undervalued mining deals.

These deals were given to offshore companies whose owners were hidden behind a chain of anonymous companies.

In Ukraine a recently created company with an ambiguous background in the oil and gas sector was awarded the licence to the largest gas field in the country.

The deal was put on hold and then cancelled when the legal owner refused to disclose the beneficial owners behind the company, delaying the development of this nationally important resource.

In February 2016, the 51 EITI members agreed new rules, requiring that all oil, gas and mining companies operating in their countries must disclose their beneficial owners.

The government must also publish this data.

It also requires public officials – so called Politically Exposed Persons – to be transparent about their ownership in oil, gas and mining companies.

Publishing the identity of those who are given the rights to exploit resources helps prevent conflicts of interest.

EITI countries are pursuing transparency in company ownership to prevent tax evasion, corruption and money laundering.

This will help ensure that there is a level playing field for all companies and that governments get the revenue they are owed.

Few countries have so far made this information publicly available, so this step by EITI countries will make a big difference.

And it’s sparked a wider reform effort.

Many EITI countries and others have committed to establishing public registers of beneficial ownership.

There is a growing call for clarity on who the real owners are, but reform is only half of the picture.

Law enforcers, civil society and others have a responsibility to scrutinize the information, and to take action to hold to account those who misuse anonymous companies.

Then, together, we can ensure the extractive industries can benefit everyone.

video phone beyonce mp3 Ending Company Anonymity: The Key to Fighting Corruption (EITI Video, Subtitled in Myanmar Language)
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