New rules to unmask faceless firm owners
SEE ALSO :Britain and EU strike Brexit dealSome shareholders have been taking advantage of a loophole in financial laws that allow one to mask their wealth in public listed companies. Currently, if one does a search of a company, there is a likelihood he or she cannot see the identity of individual owners of a proxy with a significant stake in a company. However, six months after the publication of these regulations, every company shall be required to provide the Registrar of Companies with personal information for individuals with at least 10 per cent stake or voting rights in a company. Some of this personal information includes the beneficial owners’ full name, current telephone number, date of birth, postal and residential address, occupation, current email address, passport number or national identification number. Companies will also be required to reveal the nationality of the beneficial owner, the date on which any individual ceased to be a beneficial owner, nature of ownership or control, and any other detail the registrar may require from time to time.
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