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Algeria Enacts Beneficial Ownership Requirements in New Decree

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The Algerian government has introduced a new decree, Decree No. 23-429 dated 29 November 2023, which establishes the Public Register of Beneficial Owners of Algerian legal entities. The register aims to enhance transparency and curb money laundering in the country.

Key Provisions of the Decree

• Each Algerian legal entity must declare its beneficial owner to the National Centre for Trade Register.
• Information on the identity, nationality, and residential address of the beneficial owner must be provided.
• The decree defines a beneficial owner as an individual who ultimately exercises control over a legal entity, either directly or indirectly.

Determining Control

The register will consider alternative criteria when determining control, including:

• Ownership of 25% or more of the shares or voting rights in a company
• The power to appoint or remove a majority of the board of directors

Register and Accessibility

The Public Register of Beneficial Owners is set up at the National Centre for Trade Register. Data will be accessible to competent authorities and the public under defined conditions.

Compliance Period

A transition period of one year from the publication date of the decree has been provided, giving legal entities established before 29 November 2023 until 30 November 2024 to comply with the new requirements.

Reference

For more information on this development, readers can refer to the newsletter published by Loucif + Co, LEX Africa’s member firm in Algeria.