CÔTE D’IVOIRE Trends and Developments Contributed by: Andy Lionel Biaou, Evelyne Biaou and Marine Quintric, Houda Law Firm
rate structures to conceal money laundering activities; • significant disparities in the capacity for con - trol and supervision between different mem - ber states; • limited case law and the absence of reliable databases specifically relating to infractions linked to the beneficial ownership register; • insufficient information exchange mecha - nisms between national authorities to detect cross-border violations; • limited accessibility and reliability of essential information, given that informal economic activities remain significant in the region ‒ resources available to the RCCM do not allow for thorough verification to ensure the accu - racy and update of declared information; • the General Directorate of Taxes ( Direction Générale des Impôts , or DGI) provides, upon request and in a timely manner, information on beneficial owners kept in the registers of legal entities ‒ however, regular and sufficient audits of the registers maintained by the enti - ties themselves are lacking; and • the RCCM does not have the authority to sanction individuals or legal entities that fail to provide or update basic information about a legal entity ‒ although tax authorities have reportedly imposed occasional sanctions on non-compliant legal entities, the effective - ness, proportionality, and dissuasiveness of such sanctions have yet to be firmly estab - lished. Impact of the register on AML efforts in the OHADA region Despite its recent introduction and gradual implementation, the beneficial ownership regis - ter is beginning to have positive effects on eco - nomic practices within the OHADA region. Some stakeholders are increasingly reconsidering the use of complex corporate structures, and pro -
fessionals such as notaries, business lawyers, and accountants are progressively integrating beneficial ownership obligations into their advi - sory services. For financial intelligence units and judicial authorities across the OHADA region, the benefi - cial ownership register constitutes an essential complementary tool in investigations, given that: • it facilitates the identification of links between various legal structures involved in suspicious operations; • it allows for the detection of discrepancies between financial flows and declared benefi - cial owners; and • it provides a useful documentary basis for international co-operation in combating finan - cial crime. However, its preventive impact remains limited, owing to: • partial awareness of the system among eco - nomic operators (particularly among SMEs and within the informal sector); and • uneven application of the sanctions foreseen for failure to comply with declaratory obliga - tions. Thus, while the beneficial ownership register already represents real progress in strengthening financial transparency and fighting illicit finan - cial flows, its full potential has yet to be real - ised. Effective enforcement mechanisms, better information-sharing practices, and increased awareness among private sector stakeholders remain crucial to ensuring the register’s success. Future prospects and recommendations To strengthen the implementation and effective - ness of the beneficial ownership identification
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