Tunisia Clarifies The Determination And Disclosure Of Ultimate Beneficiaries

; posted on
February 7th, 2019

In an effort to prevent money laundering and fight the financing of terrorist activities, Tunisia has recently adopted requirements for the identification and registration of the ultimate beneficial owners of corporations and other entities registered in Tunisia.

Ultimate Beneficiaries

The ultimate beneficiaries of a legal entity include:

  • The natural person or persons holding directly or indirectly a participation equal to or exceeding 20% of the share capital or voting rights in the entity;
  • In cases where the identity of the ultimate beneficiary cannot be accurately determined according to the criteria developed above, the ultimate beneficiary will be the person or persons with oversight or control, whether legally or de facto, on the management bodies, administration, general assemblies, or business operations of the legal entity; and
  • Where the identity of the ultimate beneficiary cannot be determined according to any of the criteria above, the ultimate beneficiary will be the natural person who is the principal manager of the legal entity.

The new rule also governs the ultimate beneficiaries for other legal arrangements including the trust funds and other similar arrangements. With respect to trust funds, the ultimate beneficiary includes inter alia the founder of the legal arrangement, the trustee, the beneficiaries, and any natural person ultimately exercising effective control on the legal arrangement. Concerning the other similar arrangements, the ultimate beneficiary includes natural persons in charge of similar roles. In addition, banks, insurance and financial institutions, investment institutions, lawyers, chartered accountants and notaries acting as trustee in a legal arrangement must disclose their status as such.

Consequences

All persons engaged in economic activity must register and obtain an ID number. Upon the registration, they must file the document relating to the ultimate beneficiaries (the determination of beneficial ownership mentioned as above) containing the identification elements and the personal domicile of the latter and the means of control it exercises.

Source: Tunisian Government

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