The OpenTax Initiative (OTI) has welcomed the draft National Corporate Governance Code by the Corporate Affairs Commission (CAC) and eagerly awaits the validation and adoption by cabinet.
In an OTI press release, the Executive Director, Tanu Jalloh, said that there was need to show the ‘chain’ of ownership of all organizations and natural persons.
“In instances where an organisation holds corporate membership, the natural persons who benefit from the corporate entity have to be disclosed either at point of establishment/incorporation or at any time such a relationship exists.”
The draft policy recognises the risk of corrupt practices, illicit financial flows and tax evasion, which are quite high in other sectors where disclosure on beneficial ownership is not made.
This Code seeks to set out certain basic disclosures and reporting requirements for all companies operating in Sierra Leone.
Read the full story on Awoko, OTI’s partner media outlet.