The government wants individuals who have not disclosed their companies’ real owners in the Business Registration Service (BRS) portal to do so. This is as it seeks to have shareholders and owners of the firms comply with new laws. He said applications by firms updating the Beneficial Ownership information or details already lodged on the BRS portal is still permissible. The disclosure of the real owners of companies aims at helping the government trace trails of illicit cash. The move will also weed out proxy companies or entities used by investors to up their shareholding in firms and insider trading.

Source: Standard Digital August 02, 2021 21:00 UTC