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FB Attorneys

Ministry issues Partnership Beneficial Ownership Regulations

On 22 September 2023, the Minister for Industry and Trade issued detailed procedures for submission of information of Beneficial Ownership (BO) vide the Business Names (Beneficial Ownership) Regulations, 2023, GN No. 714 of 2023 (the Regulations).

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The Beneficial Ownership Register: implementing the Financial Action Task Forces recommendations on money laundering and terrorism financing in Nigeria

Section 119 of the Companies and Allied Matters Act (“CAMA”) 2020, in conjunction with the Persons with Significant Control Regulations (“PSC Regulations”) 2022, requires companies, Limited Liability Partnerships (“LLPs”), and by extension, foreign exempted companies unde..

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Unmasking trust ownership: The introduction of beneficial ownership registers in South Africa

Between April 2019 and June 2021, South Africa underwent a mutual evaluation of its anti-money laundering and counter-financing of terrorism controls, which culminated in the publication of the Mutual Evaluation Report (“MER”) by t..

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Jackson, Etti & Edu

Persons with Significant Control Regulation 2022

On 23rd November 2022, The Ministry of Industry, Trade and Investment through its Minister, approved the Persons with Significant Control Regulation (''PSC Regulation''). The key objective of the regulation is to provide an effective framework and procedure for obtaining ..

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Beneficial Ownership Registry: A solution to financial crimes?

The recent amendments to section 55 of the companies act, 2008 have introduced a comprehensive definition of a "beneficial owner," encompassing ownership, control, and material influence over a company. In this article, we explore the potential impact of the new definitio..

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South Africa: New reporting requirements regarding beneficial ownership in relation to trusts

South Africa is introducing new rules regarding the disclosure of beneficial ownership of assets as part of the measures to address its laws regarding anti-money laundering and the combatting of terrorism financing.

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Investigations, White Collar and Compliance Digest

On 12 January 2023, the Central Bank of Nigeria (“CBN”) issued its Guidance on Ultimate Beneficial Owners of Legal Persons and Legal Arrangements (“the Guidance”). The Guidance was developed by the CBN in furtherance of its 2022 anti-money laundering and anti-terrorism fi..

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Sal & Caldeira Advogados

The Beneficial Owner under the New Commercial Code

The new Commercial Code, approved by Decree-Law no. 1/2022 of 25 May (the “New CCom"), in its article 99, establishes the obligation for the companies to have, and maintain updated, a registration with information on the identity of its ..

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FB Attorneys

Beneficial Ownership Threshold now 5%

Following the requirement to disclose beneficial ownership (BO) information through the amendment of the Companies Act vide the Finance Act, No. 8 of 1 July 2020 and the subsequently-issued Regulations, there has been a dilemma regarding the threshold percentage of ..

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