Registrar General to sanction politicians engaging in beneficial ownership
The Registrar General’s Department has said it will sanction politicians who use other individuals to register and front companies owned by them.
It said it would also fish out people who are fronting for the beneficial owners.
A beneficial owner is where specific property rights in equity belong to a person even though the legal title of the property belongs to another person.
According to the Department, there is a new law, which mandates ultimate business owners to reveal their identities or face sanctions.
Speaking to Starr Business Registrar-General Jemima Oware said: “I mean when people come into our office to register a company, they will sometimes use people who are just fronts and you wouldn’t know who really the ultimate owner behind it but this law is now requiring you to disclose that information.”
She said, “It’s possible. If it is a politically exposed person who wouldn’t want the world to know that he is really the owner behind the company. It sometimes strikes us, but now with this law, you are mandated to disclose, because there sanctions that go if you fail to disclose.”
The Registrar-General is still in the process of developing a beneficial ownership register which they say will be completed by the end this year.