The study outlines actionable steps to improve BO transparency in Zambia.
Beneficial Ownership (BO) transparency pertains to revealing ownership and control in corporate vehicles. It is crucial in combating crimes such as money laundering, tax evasion, corruption and terrorist financing. The Financial Action Task Force (FATF) Recommendations underscore the necessity of readily accessible and accurate BO information, urging countries to establish effective BO registers.
Though majority of investigators submitted that they were familiar with the concept of BO, only a few were able to demonstrate an understanding of the concept of BO. This suggests a need for raising more awareness, especially on the difference between legal ownership and control. The study determined the main sources of BO information for investigators to be PACRA, RTSA, MOLNR and reporting entities. Further, about 85% of investigators relied on manual procedures to access BO information from the various sources.
Full report can be accessed here.
 Beneficial Ownership Study 2024 | [ ] |
