Beneficial ownership transparency in Zambia
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Publication type
Publication
Country focus
Zambia
Topics
Opening Extractives
Sections
Implementation
Summary
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.
