In December 2023 study of beneficial ownership (‘BO’) registration systems was published on the United Nations Office on Drugs and Crime (UNODC) site. The study was an item on the agenda of a session of the Conference of the States Parties to the United Nations Convention against Corruption of December 2023.

I have not yet had time to read the document, but judging from the summary, it is an obsequious account following a pattern that can be found everywhere. Originality and an eye for practice are missing. For instance, I do not read anything about whether the bureaucratic effort and high cost for obliged entities and the small return on improved crime control justify this system.

No data protection for BO’s
It is visible that there is naive belief in the usefulness of disclosing personal data of beneficial owners. One of the ‘challenges’ according to the summary is:

restricted access to BO data on the register, including both for competent authorities in some countries as well as the general public 

The authors advise as a relevant practice:

Provision of access to the broadest range of data users, including the general public, reporting entities, designated non-financial businesses and professions (DNFBPs), and domestic and foreign competent authorities to certain BO information on the register while balancing such access with data protection, privacy laws and regulations;

Data protection is mentioned, but it remains theory as there is no real supervision or enforcement.

Human rights cast aside
The study may show that human rights are cast aside when it comes to combating crime.

More information:

• Study: Enhancing beneficial ownership transparency: a study of beneficial ownership registration systemns, 7 December 2023.
• Page: UNODC’s Action against Corruption and Economic Crime.
• Page: Crime Prevention and Criminal Justice Reform.
• Page: Money Laundering, Proceeds of Crime and the Financing of Terrorism.