Beneficial ownership in Azerbaijan

Michael and Tim were part of a team of international and Azerbaijani consultants who delivered support to the State Oil Fund of Azerbaijan to implement a beneficial ownership disclosure roadmap.  The project was funded by the Asian Development Bank and included:

  • An inception visit and report,
  • Analysis of international good practice using six comparator countries and international standards such as FATF and EITI,
  • A detailed definition of beneficial ownership,
  • The mechanism required for implementation, administration and verification,
  • Legal review,
  • Draft implementing legislation,
  • A public consultation process,
  • Awareness-raising activities including producing an explanatory video

Michael, Tim  and the team delivered the project through a combination of permanent on the ground presence, carefully planned field visits and remote working. The result was the delivery of package for the implementation of a beneficial ownership reporting and disclosure regime that had buy in from all key stakeholders including government, industry and civil society.