By: Justicia Shipena
The Business and Intellectual Property Authority (BIPA) has announced plans to consult with stakeholders on various concerns related to beneficial ownership sanctions.
This consultation aims to address and clarify issues stakeholders have raised regarding the implementation and impact of these sanctions.
The Financial Intelligence Centre (FIC) and BIPA have recently issued new requirements for beneficial ownership, mandating all companies, including accountable and reporting institutions, to promptly submit relevant information.
This submission is crucial for promoting transparency and ensuring regulatory adherence within Namibia’s business environment.
Additionally, it aims to facilitate the eventual removal of Namibia from the Financial Action Task Force’s (FATF) grey list.
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