Ahead of this week's International Open Data Conference in Madrid, the Financial Transparency Coalition has launched Letting the Public In, a new working paper that takes an in-depth look why open data standards are instrumental in harnessing the full power of financial transparency initiatives like beneficial ownership transparency and public country-by-country reporting. Publishing information in open data formats is critical to helping legislators, journalists, and citizens understand loopholes in current laws, and will enable citizens to become more engaged in the public debate about what financial practices should and should not be legal.

Letting the Public In explores what it means to have information in open data formats, how to develop 'gold standards' that governments can adhere to, and what a data revolution can mean for financial transparency and illicit financial flows. Looking at beneficial ownership, country-by-country reporting for multinational corporations and the automatic exchange of financial information, the study and accompanying policy brief provide new standards for the coming influx of data and information.

Read the overview (below) or the full report.