SEC tightens beneficial ownership policies

The Securities and Exchange Commission (SEC) is working with its peers in Southeast Asia to ensure that corporate structures are not used for illegal activities by advancing the implementation of beneficial ownership policies.

- RICHMOND MERCURIO

Recognizing that regional cooperation is crucial to achieving sustainable progress in the fight against the misuse of corporations for crimes, the SEC participated in a regional peer exchange on advancing anti-corruption efforts through beneficial ownership transparency in Indonesia last month.

The commission said the peer exchange recognized the increasing importance of beneficial ownership transparency as a critical tool for both businesses and governments.

According to the SEC, there is a growing need to identify the individuals who ultimately own or control companies to prevent the misuse of corporate structures for illicit activities, especially in Southeast Asia.