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Algeria Introduces Beneficial Ownership Tracking Regime

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In a move aimed at promoting transparency and combating financial crimes, Algeria has introduced a new law requiring companies to disclose their beneficial owners.

New Law Mandates Beneficial Owner Disclosure

The Decree No. 23-429 dated 29 November 2023, concerning the Public Register of Beneficial Owners of Algerian legal entities, was published in the Official Gazette on 30 November 2023. Under this new regime, each Algerian legal entity is required to declare its beneficial owner to the National Centre for Trade Register and provide certain information on their identity.

Who Are Beneficial Owners?

The beneficial owners of a company are defined as individuals who ultimately exercise control over it, including those with significant influence over its operations or financial decisions.

Establishing the Public Register

The Public Register of Beneficial Owners will be established at the National Centre for Trade Register and made accessible to competent authorities and the public under conditions to be determined.

Key Requirements

• Each Algerian legal entity must declare its beneficial owner and provide information on their identity.
• Beneficial owners are individuals who ultimately exercise control over a company.
• The Public Register of Beneficial Owners will be established at the National Centre for Trade Register.
• Register data is accessible to competent authorities and the public under conditions to be determined.
• Companies set up before 30 November 2024 have until 31 December 2024 to comply with the new requirements.

Significance of Beneficial Ownership Tracking

The introduction of beneficial ownership tracking in Algeria is a significant step towards promoting transparency and preventing financial crimes. The regime will help to identify individuals who may be hiding behind shell companies or other opaque structures, making it more difficult for them to engage in illicit activities.

Next Steps

For further information on this development, please contact [Loucif + Co], our member firm in Algeria.