Letter to World Bank on Beneficial Ownership of Contract Winners
June 8th, 2015
The Financial Transparency Coalition, along with 106 other civil society organizations, called on the World Bank to increase their transparency and accountability measures. Specifically, the letter calls on the Bank to require companies bidding on contracts to disclose the beneficial owner of all business entities involved. In other words, the person or persons ultimately in control or profiting from the company. This can help cut down on fraud, waste, and makes it easier to track down criminals when funds are misappropriated.