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New rules to unmask faceless firm owners

Traders check out the trading index during the Bell Ringing ceremony for KENGEN to trade at the NSE at the NSE's offices in Westlands, Nairobi. [Elvis Ogina/Standard]

Details of shadowy shareholders in local firms, including foreigners, will now be laid bare after the Attorney General published regulations requiring firms to keep a register of beneficial owners.

In what is seen as another attempt by the State to combat money laundering, Kenya has joined other jurisdictions such as the European Union in tasking firms to reveal personal details of individuals owners with a stake or voting right of at least 10 per cent.

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