South Africa cannot be counted among the numerous countries that are experiencing problems with beneficial ownership transparency (BOT), because it is capable of telling a good story in this regard. This was one of the messages that came out of the high-level panel discussion at last week’s BOT conference, held in Cape Town.
Beneficial ownership transparency (BOT) is no longer a nice-to-have. It’s an essential weapon in the fight against corporate opacity, money laundering, illicit financial flows, dodgy procurement deals, and much more. A two-day conference, co-hosted last week by Corruption Watch, brought together stakeholders from various sectors to establish the current situation in South Africa and determine a path to the implementation of BOT.
The latest Prasa annual report, discussed at the end of March 2022 before Parliament’s Standing Committee on Public Accounts, reveals that not much has improved at the embattled state-owned entity. In the 2020/2021 financial year Prasa recorded a loss of R1.9-billion and increased operating costs of R15.5-billion, while its revenue decreased by R900-million.
Journalists are whistle-blowers too, and their work, as a vital link in the chain of exposing corruption, can change the world – but it’s a risky business. A report published recently by Unesco, titled Threats that Silence, looks at the treatment of journalists globally and narrows down its focus to highlight regional trends.
Members of the media are invited to a two-day conference on beneficial ownership transparency in South Africa, taking place in Cape Town on 16 -17 May 2022. The event is hosted by the Department of Public Service and Administration, the Financial Intelligence Centre, Open Government Partnership, Corruption Watch, and Open Ownership.
Rebuilding squandered public trust means being careful of which persons are elected to power, and punishing those who are caught in wrongdoing. This is the message from Strengthening public trust, a session recently held at the OECD’s 10th annual global anti-corruption and integrity forum.
Public integrity means doing what is right for the economy and society. Political leaders are essential to public integrity because they set the tone for all levels under them – but time and time again they have shown that they cannot be trusted to lead with integrity. The OECD’s 10th annual global anti-corruption and integrity forum set out to address this issue, among others.
The South African public has waited for a long time for the oft-promised lifestyle audit programme to kick in across all government spheres. This is finally a reality, with the announcement in March 2022 by Public Service and Administration minister Ayanda Dlodlo that lifestyle audits are compulsory for all national and provincial departments, as of 1 April.
For too long, it has been easy to use layers of fake companies to hide illicit funds in the financial system, write Corruption Watch’s Mashudu Masutha, and Open Ownership’s Karabo Rajuili. Is the Financial Action Task Force’s new recommendation on beneficial ownership transparency enough to make a difference?