Beneficial Ownership Amendments Understanding

The COJ's New Role FATF Recommendations requires that the COJ be granted legal powers in order to monitor and verify Beneficial Ownership information held by companies through inspections and investigations. Consequently, it is being proposed that a new Section 109A be inserted into the Act to set out the powers to be granted to the COJ. These powers will empower the COJ to verify beneficial ownership information. In an effort to achieve this, the COJ will be also be empowered to investigate the records and books of companies to ascertain information needed to verify beneficial ownership information.

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