Eritrea Introduces Beneficial Ownership Reporting Requirements

Strengthening Anti-Money Laundering and Combating Terrorism Financing Regime

As part of its efforts to combat money laundering and terrorism financing, Eritrea will introduce beneficial ownership reporting requirements for companies operating in the country from January 2024. This move aims to improve transparency and prevent illicit financial flows.

What are Beneficial Ownership Reporting Requirements?

Companies in Eritrea will be required to report information about their beneficial owners - individuals who ultimately own or control the company. This includes:

• Names
• Dates of birth
• Nationalities
• Addresses

This critical information will be used by authorities to identify potential risks and take action against suspicious transactions.

How Will Companies Report Beneficial Ownership Information?

The Financial Intelligence Unit (FIU) has issued guidelines for companies on how to submit beneficial ownership reports. Companies can begin reporting this information from January 2024.

Benefits of Beneficial Ownership Reporting Requirements

The introduction of beneficial ownership reporting requirements is a significant step forward in Eritrea’s efforts to strengthen its anti-money laundering and combating terrorism financing regime. This move will:

• Improve transparency
• Help prevent illicit financial flows
• Benefit the country’s economic development and stability

Conclusion

Eritrea’s commitment to improving its anti-money laundering and combating terrorism financing regime is a major achievement. The introduction of beneficial ownership reporting requirements demonstrates the country’s dedication to reducing the risk of illicit financial flows and promoting transparency in its financial systems.