New law to publicly expose ‘hidden investors’

The bills were all published on December 23 and several have to do with tightening the country’s money laundering protocols. By law, a ‘beneficial owner’ is defined as a person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise is the ultimate beneficiary of a share or other securities in a company.

A beneficial owner of a company enjoys the benefits or proceeds of a company or controls a company without being on record as the official owner. Global research has shown that anonymous or hidden investors or owners of companies foster illicit practices such as tax evasion, criminality, fronting, anti-competitive behaviour by concealing themselves behind legitimate boards, directors and share registries.