CÔTE D’IVOIRE Trends and Developments Contributed by: Andy Lionel Biaou, Evelyne Biaou and Marine Quintric, Houda Law Firm
• the full identity of the beneficial owner (name, surname, date of birth and place of birth); • their personal address; • the nature (direct or indirect ownership) and extent of the interests held (precise percent - age of ownership); and • the modalities of the control exercised over the entity. The regular updating of this information is man - datory, particularly in the event of a change of beneficial owner or a substantial modification of their situation. Sanctions regime and effectiveness in case of non-compliance with declaratory obligations Sanctions applicable for failure to declare ben - eficial owners ‒ whether administrative and financial, civil and commercial, or criminal ‒ are structured on two regulatory levels, as follows. • At the community level, the AUSCGIe, does not specifically provide for sanctions directly linked to beneficial owners, but it establishes a general framework for offences related to declaratory obligations. • At the national level, the legislation transpos - ing AML instruments defines more specific sanctions. Administrative and financial sanctions vary depending on the member states but gener - ally include administrative fines, which in Côte d’Ivoire range from XOF100,000 to XOF1 million (approximately EUR150 to EUR1,500) (cf Arti - cle 11 of Law No 2024-362 of 11 June 2024, mentioned previously), as well as daily penalties in case of continued non-compliance (generally between XOF50,000 and XOF200,000 per day of delay).
These sanctions are generally imposed by tax authorities responsible for verifying the exist - ence and maintenance of the register or by the national AML authority. Failure to declare or the submission of false information may also lead to: • civil liability of company directors towards the company or third parties harmed by the default; and • judicial dissolution of the company in cases of repeated and deliberate violations. In most OHADA member states, criminal sanc - tions are also provided for: • the deliberate submission of inaccurate or misleading information about beneficial owners (punishable by imprisonment from six months to three years, depending on the country); • obstruction of inspections conducted by competent authorities (punishable by impris - onment from one month to one year); and • complicity in concealing the true identity of beneficial owners (sanctions aligned with those applicable to money laundering). Despite the existence of this repressive frame - work, several factors influence the effective enforcement of sanctions within the OHADA region: • a relatively recent implementation in most member states, with an initial focus on rais - ing awareness before entering a repressive phase; • limited and fragmented understanding by authorities of the risks associated with legal entities, despite the frequent use of corpo -
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