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Jakarta Post

What government must do to know real extractive firms’ owners

  • Fikri Zaki Muhammadi

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PREMIUM
Jakarta   /   Tue, August 6, 2019   /  03:19 pm
What government must do to know real extractive firms’ owners According to a report that the Extractive Industries Transparency Initiative (EITI) Indonesia published late last year, 71 oil and gas companies and 61 mining companies had submitted some information, even though the information had not been checked for accuracy. (Shutterstock/File)

Six ministries signed an agreement in July to collaborate on data integration as part of the government’s effort to disclose data on beneficial ownership — the identities of the people who own the companies with which the government conducts business. The signing marks a new milestone for transparency and accountability activism in Indonesia since the government passed a presidential decree on corporate beneficial ownership disclosure in March 2018, which mandates all companies to submit information on their beneficial owners to the government. Together with the decree, the recent agreement forms a significant foundation for future efforts to track down illicit money that is laundered or used to finance terrorism. It is also an important step toward developing policies that aim to crack the opaque structure of corporate ownership. This is especially relevant to th...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.