Registering real investors timely move

For years, major investors in Kenyan firms did not have to reveal their identity, with many companies listing shareholders under nominee accounts, whose beneficiaries are hard to trace. But in new requirements by the government, they will now have to make their identities known.

Filing names of their key owners with the government, the Business Registration Services (BRS) has said, will help fight illicit cash flows such as money laundering and terrorism financing. This is a laudable move to enhance transparency in running of Kenyan firms and a huge step to combat vices. While some shareholders may have reasons to stay behind the scenes, others have taken advantage to clean cash acquired through suspicious transactions.