Following The Business Registration service of Kenya’s (BRS) call, GFI submitted and presented comments on The Companies (Beneficial Ownership Information) (Amendment) Regulations, 2021 dated 8th December 2021.
As countries act to improve financial transparency, disclosing beneficial ownership information as simple and inexpensive as possible will promote compliance and help achieve the ultimate aim of greater corporate accountability. GFI supports the initiative to adopt streamlined procedures which are important for economies as they implement new transparency policies.
GFI recommends measures that address the transparency and BO of legal persons and recommendations that countries should adopt to achieve accountability.
Key recommendations:
- Assessing the risks associated with legal persons and legal arrangements.
- Making legal persons and legal arrangements sufficiently transparent.
- Ensuring that accurate and up-to-date BO information is available to competent authorities with ease.