CÔTE D’IVOIRE Trends and Developments Contributed by: Andy Lionel Biaou, Evelyne Biaou and Marine Quintric, Houda Law Firm
system within the OHADA region, several legal developments could be considered, as follows. • Adoption of a specific Uniform Act ‒ a dedi - cated Uniform Act focused on AML, including detailed provisions on beneficial ownership, would strengthen the consistency of the sys - tem at the community level. • Clarification of identification criteria ‒ a clearer definition of the criteria for identifying benefi - cial owners, adapted to the African economic and cultural context, would facilitate the proper application of the system. • Strengthening sanctions ‒ harmonising and reinforcing sanctions for incomplete or erro - neous declarations would contribute to the system’s effectiveness. Beyond the legal framework, several technical improvements could also enhance the effective - ness of the register, as follows. • Deepening the understanding of the topic ‒ strengthening awareness among authorities and reporting entities about the risks associ - ated with legal persons must be a priority. • Interconnection of national registers ‒ setting up an interconnection between the registers of different OHADA member states (poten - tially through the Regional File established by the 2018 Regulation) would enable more effective action against cross-border arrange - ments. • Development of automated verification tools ‒ integrating tools capable of automatically detecting inconsistencies in declarations would improve the reliability of collected information. • Raising awareness among economic opera - tors ‒ targeted information campaigns would enhance understanding and acceptance of the system by businesses.
• Support for professionals (lawyers, notaries, accountants) ‒ developing practical guides and offering specific training would help these professionals better advise their clients regarding their declaratory obligations. In conclusion, it should be noted that the ben - eficial ownership register represents a significant step forward for financial transparency and the fight against money laundering in Africa. Its grad - ual deployment within the OHADA region ‒ albeit still uneven among member states ‒ responds to an increasing international demand for transpar - ency and accountability of legal entities. The sanction regime associated with this system ‒ characterised by its multi-layered nature and evolving structure ‒ plays a crucial role in ensur - ing the effectiveness of the declaratory obliga - tion. However, the heterogeneity of national approaches and the challenges related to the concrete application of sanctions remain points of attention. To maximise the register’s impact, it will be nec - essary to address specific challenges inherent to the OHADA context: • limited administrative capacities; • co-ordination across multiple regional frame - works; and • adaptation to local socio-economic realities. Moving towards a stronger harmonisation of sanctions at the community level and integrating appropriate technological innovations appear to be promising avenues for strengthening this essential pillar of Africa’s financial integrity. From this perspective, enhanced cooperation between the various stakeholders ‒ the OHADA Permanent Secretariat, national courts, financial
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