Namibia Takes Major Leap Towards Beneficial Ownership Transparency

In a significant move towards increasing transparency and accountability, Namibia has made substantial progress in implementing beneficial ownership reforms. The country’s legislative process for beneficial ownership transparency has commenced, with key laws and registers established to provide critical information about the true owners of companies.

Key Developments

New Legislation

• Companies Amendment Act 2023: Requires companies to file their beneficial ownership information.
• Close Corporations Amendment Act 2023: Requires close corporations to file their beneficial ownership information.

Beneficial Ownership Registers

• Business and Intellectual Property Authority (BIPA) Register: A live record of beneficial owners for companies and close corporations.
• Master of the High Court BO Trust Register: Maintains information on trusts.

Technical Assistance

Open Ownership is providing technical assistance to Namibia’s Financial Intelligence Centre, BIPA, and the Master of the High Court as they navigate implementation issues and ensure compliance with international standards.

International Standards and Implementation Details

Namibia’s progress towards beneficial ownership transparency demonstrates its commitment to increasing transparency and accountability in business operations. The country joins a growing list of nations taking significant steps towards implementing beneficial ownership reforms.

Open Ownership Map

The Open Ownership map provides information on the implementation details of beneficial ownership registers around the world. However, it is essential to note that data may not be comprehensive for all countries, and users are encouraged to submit new data or report any inaccuracies.