Jakarta: To increase efforts and maintain a commitment to the prevention and eradication of corruption and money laundering crime (TPPU) domestically and globally, the government will increase the transparency of ownership of companies that receive beneficial ownership (BO).

Several company owners’ practices tend to be not transparent regarding the flow of company funds to owners who are not legally listed in the company.

Minister of National Development Planning / Head of Bappenas Bambang Brodjonegoro said, as a member of the G20, Indonesia has agreed on High-Level Principles on Beneficial Ownership and Transparency, which emphasizes the importance of transparency as well as the availability of accurate beneficial ownership information that can be accessed by authorized institutions.

“Indonesia is looking for collaborative efforts with each task force to oversee financial and transaction actions because this is very important. The important thing, what we need to do, is the prevention of money laundering and terrorism financing, as well as investment in related sectors,” he said at the Fairmount Hotel, Jakarta, Monday (23/10/2017).

Bambang continued, implementing beneficial ownership transparency in Indonesia received appreciation from the global standard for transparency in the extractive sector, namely Extractive Industries Transparency Initiatives (EITI). Indonesia was appointed to host the Global Conference on Beneficial Ownership because of the government’s progress in promoting beneficial ownership transparency.

“This conference is part of a broader corruption eradication agenda and as part of the national economic development priorities,” he said.

Delegates from 52 EITI member countries attended this international conference. All delegates will discuss beneficial ownership globally on 23-24 October 2017. This global conference is the eighth conference organized by EITI.

The push for global disclosure of information can be used to increase beneficial ownership to a broader realm, such as taxpayers who shift their tax obligations to tax havens.