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Creating an enabling legislative and regulatory framework for the effective disclosure of beneficial ownership (BO) is an iterative process. During periodic legislative amendment cycles, corporate registries and other key implementing agencies have the opportunity to review and improve beneficial ownership provisions. For Zambia and in particular the Patent and Company Registration Agency (PACRA), Zambia’s primary BO implementing agency, there is an excellent opportunity during the legislative amendment cycle, due to take place in early 2023.
This report provides a comprehensive review and analysis of the beneficial ownership laws, regulations and policies in Zambia. It examines relevant BO provisions in key primary and secondary legislation and identifies the gaps, inconsistencies, and practical challenges faced in implementing beneficial ownership disclosure in Zambia. The report also provides practical recommendations on how the legislative, regulatory, and policy framework on beneficial ownership can be improved.
Key learning outcomes
One of our key findings from this report is the importance of inter-agency coordination among BO implementing agencies in Zambia, and the need for a harmonised framework, particularly on issues such as reporting thresholds.
We also recommend ways that the definition of a beneficial owner in primary law – the Companies Act – could be improved to address some of the existing ambiguities.
Who really owns it? What investigations using ownership data can tell us
Opening Extractives has been training investigative journalists and civil society partners to aid understanding as to how simple and complex ownership structures operate transnationally. They will share their findings during our Open Gov Week webinar on 9 May: "Who really owns it? Using company ownership data for investigations"
Published: 05 May 2023
Engaging the business community on beneficial ownership transparency in Zambia: Summit for Democracy
In this guest blog post, Johannes Tonn documents our joint event with CIPE and partners during the Summit for Democracy in Zambia. The session explored engaging the business community in strengthening joint efforts to achieve greater beneficial ownership transparency
Published: 05 April 2023