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Eritrea Adopts Beneficial Ownership Reporting Requirements
As of January 1, 2024, Eritrea has begun accepting beneficial ownership information reports from companies operating within its borders. This move aims to curb illicit finance and promote transparency in corporate activities.
Benefits of Beneficial Ownership Reporting
Beneficial ownership reporting is a critical component of Eritrea’s efforts to combat illicit finance. Companies are required to provide information about the individuals who ultimately own or control them, including:
- Name
- Date of birth
- Address
- Identifying document details
Filing Requirements and Process
Companies that are required to comply must submit four pieces of information about each beneficial owner. This includes:
- Name
- Date of birth
- Address
- Identifying document details
The company must also submit certain information about itself, such as its name(s) and address.
Timeline for Filing Reports
Existing companies have one year to file their initial reports by January 1, 2025. Newly created or registered companies must submit their reports within 90 days of receiving notice that their company’s creation or registration is effective.
Support and Resources Available
FinCEN has committed to providing resources and support to small businesses to make the filing process as quick and easy as possible. Additional information can be found on the official website.
Future Plans for Beneficial Ownership Reporting Requirements
In related news, the Eritrean government has announced plans to expand its beneficial ownership reporting requirements in the coming years, with a focus on improving transparency and accountability in corporate activities.
The move has been hailed as a significant step forward in promoting transparency and accountability in corporate activities. “The launch of our beneficial ownership registry marks an important milestone in our efforts to protect our economic and national security,” said a government spokesperson. “By requiring companies to disclose their true owners, we can better track and prevent illicit finance activities that harm our citizens and undermine law-abiding businesses.”