Colombia mulls new beneficial ownership rules

Pedro Gonçalves
clock • 2 min read

The Colombian Congress has introduced a bill to reinforce transparency and tackle corruption by creating a beneficial ownership registry, in line with international recommendations. The Beneficial Ownership section of the bill defines the principle of due diligence and of BOs, to recognise "the natural person(s) benefited according to their actions and/or participation in a legal person" (Art. 19 and 20 of the bill). The bill will consider as a final beneficiary the natural person that has 5% or more of ownership or voting powers, as well as a 5% or more of the assets, profits or bene...

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