This report builds on the review of international good practice for beneficial ownership disclosure systems contained in Good Practice Report. It seeks to address those relevant components of beneficial ownership disclosure as specified in previous report:
• definition, including criteria to determine a beneficial ownership, any exemptions and the threshold for disclosure;
• disclosure details, including politically exposed persons (PEPs), such as name, address, nationality and other details as well as whether PEPs are specifically included and how they are defined; and
• categories of companies targeted for reporting.
It also describes Azerbaijan’s existing legislation that includes a beneficial ownership definition and analyses options for introducing the proposed beneficial ownership definition described in this report. It provides a reasoned recommendation as to the content and drafting of a revised beneficial ownership definition which the Government of Azerbaijan might adopt and briefly identifies a variety of other issues that will need considering when implementing a mandatory beneficial ownership disclosure regime once the core definition has been agreed.
The first consultation ran up to and during February 2019, focused primarily on the proposed “beneficial ownership” definition specified in Section 3 of this Consultation Document. The purpose of the consultation was to embark on an inclusive change management process by raising awareness of the work carried out, explaining relevant concepts relating to beneficial ownership, identifying any stakeholder concerns and finding broad-based support within Azerbaijan.
You can download and review Consultation Document and relevant documents here.
The consultation event discussing draft definitions for beneficial ownership disclosure took place on 13 February 2019 at Hilton Baku Hotel.
You can check the list of participants here.