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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 ..
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..
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.
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..
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 ..
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 ..
In many countries, public procurement has for a long time been considered one of the areas most prone to manipulation and fraud. Kenya is no exception and there have been allegations of public officials and their cronies creating and winning bids at inflated prices...
