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Beneficial-ownership rules must include swift establishment of register, Australian officials say

( May 31, 2023, 04:01 GMT | Official Statement) -- MLex Summary: Australia’s plans to introduce beneficial-ownership legislation to increase transparency about the ownership structures of companies operating in the country should include the swift establishment of a beneficial-ownership registry, according to a key government agency. In a submission to a government inquiry, the Attorney General’s Department said that such a register would be “consistent with global best practice and likely to deliver operational outcomes for law enforcement, national security, intelligence and revenue-protection agencies.” A publicly accessible register would also reduce the burden on companies to retain their own beneficial-ownership registries, the department said.  The full submission from the Attorney General's Department is attached. ...

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