Mali Adopts New Beneficial Ownership Requirements

Enhancing Transparency and Combating Illicit Finance

Dakar, Mali - As part of its commitment to curb illicit finance and promote economic transparency, the Republic of Mali has introduced new beneficial ownership requirements for companies operating within its borders. These regulations are set to come into effect on January 1, 2024.

Key Highlights

• Timeline: Existing companies have one year from the effective date to file their reports, while newly created or registered companies must do so within 90 days.
• Reporting Requirements: Beneficial ownership information reporting is a one-time requirement unless updates are necessary. Companies will need to disclose details about individuals who ultimately own or control them, including:
  • Name
  • Date of birth
  • Address
  • Identification documents
• Companies Created On Or After January 1, 2024: Must also provide information about the individuals who formed the company.

Benefits and Support

The introduction of these regulations marks a significant step towards enhancing transparency and combating illicit financial flows. Secretary-General Aïssata Doumbia Sambo stated that “these new requirements will help us to better understand the ownership structures of companies operating in Mali, and ultimately prevent money laundering, terrorism financing, and other forms of illicit finance.”

• Filing is Free: Companies can file their reports through a simple online process.
• Support and Guidance: The Malian government has established a contact center to provide support and guidance to companies seeking to comply with the new regulations.

Global Efforts

In related news, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has begun accepting beneficial ownership information reports from American companies as part of similar efforts to combat illicit finance.