Financial Crime World

Mauritius Takes Step Towards Greater Transparency with Beneficial Ownership Disclosure Reforms

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Mauritius has taken a significant step towards greater transparency by launching a beneficial ownership register as part of amendments made to the Mauritian Companies Act in 2020. The country has committed to creating a central register to disclose beneficial ownership information, marking a major milestone in its efforts to increase transparency and combat financial crime.

Background

The Beneficial Ownership (BO) Register was launched in 2020 and covers the entire economy. A threshold of 20% is used to determine beneficial ownership, which means that individuals or entities with a stake of 20% or more in a company must be disclosed on the register.

Limitations

While the BO Register marks an important milestone in Mauritius’ journey towards greater transparency, there are some limitations. Structured data is not publicly available, and the register is not published as part of the Beneficial Ownership Disclosure Scheme (BODS). Additionally, the data is not currently accessible via an Application Programming Interface (API).

Commitment to Transparency

Mauritius’ commitment to creating a central beneficial ownership register was made in 2020 with the aim of increasing transparency and improving the country’s ability to combat financial crime. The move is seen as a significant step forward in the country’s efforts to promote good governance and attract foreign investment.

Benefits

The benefits of beneficial ownership disclosure are clear:

  • Increased Transparency: Beneficial ownership disclosure promotes transparency by requiring individuals or entities with a stake in a company to be disclosed.
  • Improved Financial Stability: By disclosing beneficial ownership information, countries can better track the flow of funds and identify potential financial risks.
  • Enhanced Accountability: Beneficial ownership disclosure helps to hold individuals or entities accountable for their actions, promoting good governance and reducing the risk of illicit activities.

Conclusion

Mauritius’ BO Register marks an important milestone in the country’s journey towards greater transparency and accountability. As more countries around the world adopt similar measures, it is clear that beneficial ownership disclosure will play a critical role in promoting financial stability and combating illicit activities.

Last Updated: 04 April 2024