We will publish a central public register of company beneficial ownership information operating in the Republic of Kenya
The proposed beneficial ownership register will bring greater transparency services in Kenya.
The Companies Act, 2015 (“the Act”) has been amended by the Companies (Amendment) Act, 2017, to promote transparency in the ownership of companies in Kenya as committed in Kenya’s OGP NAP II. The Act now includes a definition of a beneficial owner and requires that every company keep a register of its members which shall include information relating to the beneficial owners of the company and must be lodged with the Registrar of Companies within 30 days after its preparation, and within 14 days in case of amendment(s). The President in June 2018 through Executive Order 2 of 2018 further directed that all entities wishing to provide goods, works and services across all National and County Governments must disclose Beneficial Ownership Information online for public scrutiny.
Conduct a national risk assessment, consult external stakeholders (e.g. financial institutions, designated non-financial businesses or professions (DNFPBs), Private Sector and NGOs
Develop regulations that govern and give effect to Beneficial Ownership legislation
Develop an open, accessible and machine-readable beneficial ownership register on BO standards
Establish a central register of foreign and local companies bidding on public contracts and buying property
Build a module on the Beneficial Ownership Register Information of companies and individuals convicted of bribery and corrupt practices.