CTPD URGES GOVERNMENT TO BOOST PACRA’S RESOURCING FOR ACCURATE BENEFICIAL OWNERSHIP INFORMATION.

The 2022 Financial Intelligence Centre (FIC) Trends Report highlights a concerning trend of incorporating companies with obscured beneficial ownership for illicit activities and externalizing funds. Such activities fly in the teeth of the spirit of the Companies Act which requires companies to disclose beneficial ownership information at incorporation as a tool for enhancing transparency and combating illicit financial activities.