Decentralized Blockchain Technology: Towards a Trusted and Transparent Beneficial Ownership Regime

This chapter delves into the use of blockchain technology to enhance corporate transparency by maintaining registers of beneficial ownership. It begins by discussing the global problem of illicit offshore finance and the challenges posed by current beneficial ownership regimes. The author highlights the potential of blockchain to create a trusted and transparent system, reducing opportunities for money laundering and tax evasion. The chapter also explores the technical aspects of blockchain, such as its decentralized nature and cryptographic processes, and how these can be applied to improve the verification and sharing of beneficial ownership information. Additionally, it discusses the challenges and potential solutions for implementing blockchain technology in a global context, emphasizing the need for international cooperation and regulatory guidance. The chapter concludes by underscoring the importance of embracing blockchain technology to strengthen AML efforts and ensure better corporate transparency.