Posts

Accelerating beneficial ownership transparency in Africa

By Maureen Kariuki, Karabo Rajuiliand, and Edwin Wuadom WardenFirst published on Open Government Partnership Corporate anonymity poses significant risks to domestic resource mobilisation in Africa. Research by the UN Conference on Trade and Development (UNCTAD) suggests that African countries can retain an estimated US$89-billion per year if illicit capital flight can be addressed. Accelerating beneficial Read more >

TI calls for stakeholder action in beneficial ownership appeal

South Africa, despite commitments made several years ago, has to date failed to establish a public register of beneficial owners – the person or people who ultimately benefit from a company’s operations. This laxity allows government officials to continue doing business with the state, despite a prohibition of such, and shell companies to continue to Read more >

Dismantle the secrecy surrounding legal vehicles and their assets

Beneficial ownership is back in the news at the moment. Opacity in knowledge of the real person behind a company, trust, or corporation, and who will ultimately benefit from its activities – the beneficial owner – is crucial to combating money laundering, tax abuse, and corruption.   Illicit financial flows (IFFs) cost money, resources, and Read more >

SA falling behind in action against foreign bribery

In 2018 Transparency International released a further edition of its Exporting Corruption survey, a progress report which rates countries based on their enforcement against foreign bribery under the OECD Anti-Bribery Convention. The OECD convention requires signatory countries to criminalise bribery of foreign public officials and introduce related measures.  That report highlighted South Africa’s failure to Read more >

Beneficial ownership disclosure will expose procurement crooks

By Cherese ThakurFirst published on amaBhungane Corruption costs lives. This simple truth has been grimly illustrated over the past months of national disaster, where front-line workers have had to brave conditions with insufficient or poor quality personal protective equipment (PPE). Many of these workers have contracted the virus, and some have died. In monetary terms, Read more >

Africa can clamp down on illicit flows by using AUCPCC effectively

By Sabeehah Motala Illicit financial flows (IFFs) are costing Africa $30-billion to $40-billion per year and have eroded African countries’ tax bases, hampering their abilities to respond effectively to Covid-19 emergency needs. Lockdown, states of emergency, and all the accompanying implications mean that developing states are more vulnerable than ever to the possibility of illicit Read more >

G20 must implement its anti-corruption promises

The role of civil society in democracy and good governance is becoming increasingly important. Acting as the voice of the people, civil society holds governments to account for enforcing the rule of law, complying with legislation and policy, and implementing promises made. When the Group of Twenty (G20), of which South Africa is a member, Read more >