Benin Creates Beneficial Owners Register to Boost Transparency

The Benin Council of Ministers has established a beneficial owners register at the National Agency for Domain and Land (ANDF) to increase transparency and combat financial crimes. The register will contain information on the real owners of companies and legal entities operating in the country.

Under the new system, companies will be required to provide details on their beneficial owners, which will be accessible to the public. The goal is to shed light on the true ownership structures and prevent tax evasion, money laundering, and other illicit activities.

Why this matters: The creation of a beneficial owners register in Benin constitutes a notable advancement in improving governance and financial transparency. By making ownership information publicly available, the country aims to cultivate a more accountable business environment and deter criminal activities.

Benin's move aligns with global efforts to promote transparency and combat financial crimes. Many countries have implemented similar registers in recent years to enhance oversight and facilitate investigations into suspicious financial activities.

The establishment of the register at ANDF ensures a centralized database for beneficial ownership information. This will enable authorities, journalists, and the public to access and scrutinize the data, making it more difficult for individuals to hide behind complex corporate structures.

The Benin Council of Ministers emphasized that the beneficial owners register is part of the country's broader efforts to strengthen governance and create a more transparent business environment. By taking this step, Benin aims to attract legitimate investments and boost economic growth.

As the register becomes operational, companies in Benin will need to comply with the new requirements and disclose their beneficial owners. Failure to provide accurate information may result in penalties and legal consequences.

The creation of the beneficial owners register marks a milestone in Benin's fight against financial crimes and corruption. "This register will be accessible to the public, and companies will be required to provide information on their beneficial owners," a government spokesperson stated, highlighting the commitment to transparency.

Key Takeaways

• Benin establishes a beneficial owners register to combat financial crimes.
• Companies must disclose beneficial owners, accessible to the public.
• The register aims to promote transparency and deter illicit activities.
• Benin's move aligns with global efforts to combat financial crimes.
• Failure to provide accurate information may result in penalties.