Stopping Anonymous Ownership of Companies
Kenya is one of the first countries in Africa to develop a public register of companies.
Kenya ranks among the most secretive places in the world for financial flows in and out of the country. In an effort to fight money laundering, tax evasion, and illicit transactions, the country committed to championing legislation that requires all companies to publish the names and addresses of their real, or “beneficial” owners in a registry. This makes it harder to hide dirty money through anonymous shell companies. The government is also partnering with civil society to share information that will help broaden the number of companies reporting.
Kenya is one of the first in Africa, and one of about two dozen countries worldwide, to develop a public registry of companies. The new law and public register will be a powerful tool for investigators, public watchdogs and journalists in the fight against corruption.
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