Responding to the government’s announcement that it would be introducing an open register of beneficial ownership, corporate partner Luke Jedynak told the AFR that the move would add delays and complexities while doing little to strengthen the crackdown on financial crime.
Initially flagged in 2023, the establishment of a public database of people who own, control and receive benefits from businesses was designed to limit complex structures that can help avoid tax and other financial crime.
“We support getting accurate ownership information int the right hands fast but you don’t need a public billboard to do that,” he said. “You just need to give regulators access to data government already holds.
“The ATO, ASIC, FIRB and the ACCC already collect most of this through returns, statements and filings. The fix is to connect those databases and give regulators real time access, not ask businesses to upload the same information again for the umpteenth time.”
To read the full article click here.
