Beneficial Ownership Register
Kenya amended the Companies Act, through the Companies (Amendment) Act 2017 to introduce the concept of Beneficial Ownership Register. This was in accordance with the Financial Action Task Force recommendations on transparency of beneficial owners, the Open Governance Partnership Action Plan II and the Kenya Country Statement at the London Anti-Corruption Summit.
Completion Status:
*commitment is not specific or/and not measurable
Commitment filtering:
The commitment is not specific as it merely mentions legislative reform, specifically to the Companies Act Kenya, which was already amended in 2017 to include the concept of a beneficial ownership register. The attendant regulations were developed and subsequently adopted in the Companies (Beneficial Ownership Information) Regulation 2020. All these changes were geared towards establishing a public register of company beneficial ownership information.
The commitment as worded is not measurable, but if it is reworked then it could potentially be measured. The possible indicators could include the establishment and use of a beneficial ownership register.
Kenya
(logged in as editor)