Beneficial Ownership Amendments Understanding
Threshold lowered from 50%
to 25%
Requirement to state
beneficial owner of shares
removed. Only required to
state beneficial owner of the
company.
Proposed
Amendments
The Ministry of Industry,
Investment and Commerce and
the COJ have proposed the
following amendments in
keeping with the
recommendations from these
international stakeholders.
The beneficial ownership
information collected will be
extended to collect
additional pieces of
information
Increase in current sanctions
and introduction of new
sanctions
New powers of the
Registrar/COJ to verify
beneficial ownership
information through
investigation.
Requirement to keep
beneficial ownership
information after closure
Beneficial ownership information must be up-to-date,
adequate and accurate.
Requirement to record and file beneficial ownership
information now applies to ALL companies.View entire presentation