Transparency International Australia welcomes the Albanese Government’s decision to move directly to a public, Commonwealth-operated beneficial ownership register for unlisted companies— a major step forward in closing loopholes that enable secrecy, tax evasion and financial crime.

For too long in Australia, the true owners of companies have been able to hide in the shadows using shell companies, hidden ownership and nominee directors. Criminals, crooks and corrupt officials have used this loophole to avoid regulation, hide the proceeds of crime and launder money.

The reforms announced today will, for the first time, ensure that accurate and up-to-date information about who really owns and controls Australian companies is made publicly available.

“Without full transparency, we cannot scrutinise companies with poor track records, or see who ultimately benefits from major contracts. These important reforms will help combat corruption and boost transparency in Australia.” said Clancy Moore, CEO of Transparency International Australia.

“A public corporate transparency register that is accessible by journalists, civil society and law enforcement is essential to “follow the money” and combat money laundering and corruption.”

“A beneficial ownership register is also supported by some of Australia’s leading companies like ANZ, BHP and NAB as it will help them do customer due-diligence checks and reduce the risk of corruption across their supply chains and customer bases.”

“Research from the UK’s corporate transparency register also shows the ability for SMEs to proper customer checks actually saves them money.”

A lack of beneficial ownership has been identified by AUSTRAC and the Financial Action Task Force (FATF) as a key vulnerability for money laundering and organised crime, particularly in the real estate sector.

This announcement and recent changes to publicly listed companies comes ahead of the FATF evaluation of Australia’s anti-money laundering and counter-terrorism financing regime.

Transparency International Australia looks forward to working with policymakers to ensure the register is implemented effectively and without delay, including the broad stakeholder engagement needed commencing from 2027, delivering the transparency Australians expect and deserve.

More information

• Transparency International Australia together with partners, made a detailed joint submission to Treasury as part of Multinational tax integrity: Public Beneficial Ownership Register consultation on beneficial ownership transparency in 2022.
• These reforms build on Australia’s commitment in the Third Open Government Partnership National Action Plan to strengthen beneficial ownership transparency.
• The Financial Action Task Force next mutual evaluation will begin in 2026-2027. FATF Recommendation 24 requires countries to ensure transparency of beneficial ownership.