the Problem :
Corrupt individuals usually use a global web of anonymous companies, trusts and other legal entities situated across multiple jurisdictions to transfer and hide their illicitly sourced funds. These structures cover the identity of the individuals who own and control companies and other legal entities.
Layers of secrecy facilitated by secret company ownership prevent effective investigations by police and checks by those working in sectors such as property.
Thus, public registers of the real owners of companies – the beneficial owners- have been a central demand in the fight against corruption, money-laundering and corporate secrecy. However, Jordan do not foresee any criminal or civil sanctions for failing to file accurate and timely information in the beneficial ownership registers.
what happened at the summit :
In the Summit communique, leaders agreed to
“…take steps to eliminate loopholes that allow corruption to thrive through the misuse of these entities, and work, in accordance with national law, to ensure a level playing field between foreign and domestic companies in respect of requirements to provide beneficial ownership information.”