Beneficial Ownership Regulations in Kenya
03/04/2020
There have been some significant changes in the law relating to disclosure of the ultimate beneficial owners of a Kenya incorporated company.
The new law is broad in scope and extends to the ownership or control of a Kenyan company, whether offshore or locally. As drafted, the law would also extend to offshore Trustee holding shares (directly or indirectly) in a Kenyan company.
The new law promulgated under the Companies Act is set out in the Companies (Beneficial Ownership Information) Regulations, 2020.
The Regulations are already in force and compliance is, therefore, a legal requirement.
It should be noted that criminal liability exists for non-compliance and liability can extend to the directors and company secretary of a Kenyan company. Therefore, reputational risk is also critical to consider. The Regulations are similar in some respects to those imposed on offshore centres by the FATF.
The salient requirements and obligations under the Regulations are set out in a comprehensive alert.
Click here https://www.africalegalnetwork.com/kenya/wp-content/uploads/sites/22/2020/03/Companies-Beneficial-Ownership-Information-Regulations-2020.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.