Reform area
Implement Beneficial Ownership Transparency for Legal Arrangements.
Status · Progress
Not reported
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Thematic area
Effective Governance Systems And Institutions
Effective Governance Systems And Institutions
Justification
Justification
Lack of legislative framework for registration of trusts: blocks visibility of ultimate beneficial owners (UBOs) and expose trusts and other legal arrangements to exploitation as vehicles for tax evasion, fraud, and money laundering and terrorist financing
Inadequate Verification Protocols: Current regulatory mechanisms lack statutory mandate and digital tools to effectively verify and enforce timely beneficial ownership declarations for trusts.
Compliance Deficits: Inability to fully meet Financial Action Task Force (FATF) Recommendation 25 standards, exposing the jurisdiction to legal and financial compliance risks.
Expected outcomes
Expected outcomes
- 1
An operational, secure, and compliant Beneficial Ownership Register that ensures full legal entity transparency and aligns national corporate standards with FATF and international AML/CFT requirements.
Progress over time
Approved progress chart
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Related approved reports
Related approved reports
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