Seminar on Beneficial Ownership, Manila, Philippines, 28-30 March 2017
More than 80 delegates from 24 countries and international organisations participated in the second Global Forum seminar on Beneficial Ownership in Manila, Philippines on 28-30 March 2017. The seminar was hosted by the Asian Development Bank (ADB) with support from the Asia Pacific Group on Money Laundering (APG), the OECD Korea Policy Centre (Tax Programme) and the World Bank Group.
Seminar on Beneficial Ownership
28-30 March 2017
Ensuring the availability beneficial ownership information is at the forefront of the international agenda on tax transparency and is an vital part of the international standards of transparency and exchange of information for tax purposes (both automatic and on request). The absence of information about who ultimately owns and controls companies and other legal entities leads to tax evasion and money laundering, as well as enabling flows of illicit funds from developing countries. Domestic resource mobilisation in Asia has been massively undermined by international tax evasion and illicit flows. The seminar is part of a broader effort to ensure that Asian countries have the tools needed to ensure that tax evaders in Asia can no longer hide behind shell companies or layers of intermediaries.
With the help of experts from the Asian Development Bank, APG Secretariat, Global Forum and the OECD Korea Policy Centre delegates discussed the policy, legal, regulatory and institutional requirements of ensuring the availability of beneficial ownership information in Asia. The Global Forum and other participating international organisations also affirmed their commitment to continued support for Asian countries' efforts to improve transparency and counter international tax evasion.
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