Beneficial ownership transparency (BOT) is important to build trust and confidence in the integrity of extractive industries, and indeed a country’s entire economy. Demands from international investors, finance providers, and citizens for increased transparency around the ultimate ownership and benefit derivation from extractive activities are growing. Meanwhile, more and more governments worldwide seek to clamp down on tax evasion, corruption and money laundering.
Mongolia, as it continues to compete with other countries to attract investment and financing to its mining sector, will need to meet the expectations of greater transparency in its extractives sector. It has already introduced the concept of beneficial ownership (BO) into its legislation as part of anti-money laundering laws. However, implementation is lacking, with many parts of the BOT process incomplete.
Beneficial ownership in Mongolia: A way forward (brookings.edu)