Uganda’s Crackdown on Corporate Secrecy: Beneficial Ownership Determination Takes Center Stage

Boosting Transparency and Curb Money Laundering in Uganda

In a move to increase transparency and combat money laundering, Uganda has made it mandatory for companies and limited liability partnerships registered in the country to maintain a register of their beneficial owners. The Companies Act and Partnership Act require each entity to keep this register, which is defined as a natural person who holds final ownership or control of a company or partnership, or one whose transactions are conducted on behalf of the entity.

What is a Beneficial Owner Register?

The beneficial owner register contains crucial personal information, including:

• The nature of ownership or control held by each beneficial owner
• The date they became or ceased to be such an owner

According to regulations, a notice detailing the location where the register is kept, along with a copy of the register itself, must be submitted to the Uganda Registration Services Bureau (URSB) within 14 days of its creation.

Filing Requirements and Format

The format and requirements for filing these notices are outlined in:

• Companies (Beneficial Owner) Regulations, 2023
• Partnership (Beneficial Owner) Regulations, 2023

By implementing this measure, Uganda aims to increase transparency and prevent money laundering activities. The requirement for companies and partnerships to maintain a register of their beneficial owners is a significant step towards promoting accountability and trust in the country’s business environment.