Understanding Zambia’s Beneficial Ownership Law: A Crucial Step Towards Transparency in the Mining Sector – Part I

Zambia’s mining sector serves as a critical pillar of its economy, offering immense potential for growth and development. However, the sector has been plagued by challenges such as opacity, corruption, and illicit financial flows. Recognizing the need for enhanced transparency and accountability as a strategy towards increasing changes of curbing illicit financial flows, Zambia through the Companies Act of 2017 introduced beneficial ownership requirements for all companies registered in Zambia, through the creation of a centralized and public beneficial ownership register at the Patents and Campanies Registration Agency (PACRA). In this week’s Monday Opinion, we discuss the importance of these law in the mining sector, their potential impact and the need for greater transparency in the mining sector.