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CIPA set to unveil ‘hidden investor’ database

Pego Aisam. PIC MORERI SEJAKGOMO
Pego Aisam. PIC MORERI SEJAKGOMO

The Companies and Intellectual Property Authority (CIPA) is set to relaunch an upgraded online registration system which will reveal beneficial owners of companies, a key step in the fight against fronting and other corrupt practices.

The Online Business Registration System (OBRS) will be taken down from March 11 to 18, as part of the upgrading to the new system.

Senior CIPA officials told BusinessWeek that besides the eagerly anticipated changes around beneficial owners, the new OBRS will introduce enhanced features aimed at improving transparency, ensuring compliance, and strengthening the fight against financial crimes such as money laundering.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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