The bill wants all companies to maintain a list of its 'beneficial owners' and to deposit the list with the Registrar of Companies. The changes will affect section 93 of the Companies Act which is silent on beneficial owners of a company, only making reference to ‘owners,’ who could be proxies or trustees. With a register of real company owners in place, it will be easier to fight money laundering and terrorist financing. The proposed law has provided penalties for non-compliance, specifying a minimum penalty of Sh500,000 for companies that violate the provision. “A company other than a public listed company shall lodge with the registrar a copy of any amendment to its register of beneficial owners within 14 days after making the amendment,” the proposed law states.

Source: Standard Digital April 14, 2019 21:04 UTC