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Egypt Introduces Beneficial Ownership Disclosure Regulations

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Transparency Efforts Continue in Egypt’s Business Sector

In a move aimed at increasing transparency and combating money laundering, the Egyptian government has introduced new regulations requiring companies to disclose their ultimate beneficial owners (UBOs). Ministerial Decree No. 41 of 2020, issued on March 1, amends the Executive Regulations of the Commercial Registry Law No. 34 of 1976.

Key Provisions of the Regulation

• Companies registered in the commercial registry must identify and record their UBOs’ full information in a physical ledger.
• The new regulation comes into effect immediately, with companies required to maintain the ledger for the lifetime of the company, plus an additional five years after dissolution or liquidation.
• However, the decree does not specify penalties for non-compliance.

Challenges Ahead

According to experts at Shahid Law Firm, the implementation of this decree poses several challenges. “The implementation of this decree is unclear, and it will be interesting to see how authorities plan to enforce it,” said a spokesperson for the firm. “We are following up on developments and advise businesses to reach out to us for guidance on compliance requirements.”

Impact on Egypt’s Business Sector

The introduction of beneficial ownership disclosure regulations in Egypt is part of a broader effort to improve transparency and combat money laundering and terrorism financing. The decree is expected to have a significant impact on the country’s business sector, with companies required to adapt to new regulatory requirements.

Guidance and Support Available

As businesses navigate these changes, Shahid Law Firm is available to provide guidance and support on compliance matters related to the decree. Interested parties can contact the firm at info@shahidlaw.com or reach out to their usual contact for more information.