Cape Verde Steps Up Transparency Efforts on Beneficial Ownership of Companies

Promoting Good Governance and Fighting Financial Crimes

The Government of Cape Verde has taken significant steps towards increasing transparency in the beneficial ownership of companies operating within its jurisdiction. This move is aimed at promoting good governance and fighting financial crimes such as money laundering and terrorist financing.

Progress Made, but More Work to Be Done

Despite being one of the few countries without publicly available information on implementing beneficial ownership transparency reforms, Cape Verde has committed to improving the situation. The Open Ownership initiative, a global platform tracking progress on beneficial ownership transparency, indicates that Cape Verde has made some progress in this regard.

Specific Measures Undertaken by the Country

While details on the specific measures undertaken by the country are scarce, officials have acknowledged the need for greater clarity on company ownership structures. Experts believe that the country’s commitment to increasing transparency is a positive step forward.

Call for More Information from the Government of Cape Verde

The Open Ownership map, which relies on publicly available sources, highlights the need for more data to be made public. The Government of Cape Verde has been urged to provide more information on the specific measures it has taken to improve beneficial ownership transparency, including details on any new laws or regulations introduced.

Expected Impact on the Business Environment

The country’s move towards increased transparency is expected to have a positive impact on its business environment and help combat financial crimes. By increasing trust in its business sector, Cape Verde can attract more foreign investment and promote economic growth.

Conclusion

Cape Verde’s commitment to increasing transparency in beneficial ownership of companies is a step in the right direction. However, more needs to be done to achieve comprehensive transparency. The Government of Cape Verde should provide more information on the specific measures it has taken to improve beneficial ownership transparency, including details on any new laws or regulations introduced.