AI-assisted research summary: This bill amends the Beneficial Ownership Act, 2020 and extends a compliance transition period from 12 months to 24 months for new beneficial ownership information requirements.
[30th November 2 0 2 3 ] Bene ficial Ownership (Amendment) 1 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL BENEFICIAL OWNERSHIP (AMENDMENT) BILL, 2023 (Bill No. 27 of 2023) EXPLANATORY STATEMENT ON OBJECTS OF AND REASONS FOR THE BILL This Bill amends the Beneficial Ownership Act, 2020 to provide for the improvement of the availability of accurate information, through the provision of a longer transitional period for compliance with the new requirements introduced in December 2022, specifically relating to the details of National Identity Number (N.I.N) and Tax Identification Number (T.I.N) (or their equivalents) of beneficial owners. Dated this 28th day of November, 2023. NAADIR HASSAN MINISTER OF FINANCE, NATIONAL PLANNING AND TRADE ——————— [30th November 2 0 2 3 ] Bene ficial Ownership (Amendment) 2 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL BENEFICIAL OWNERSHIP (AMENDMENT) BILL, 2023 (Bill No. 27 of 2023) ARRANGEMENT OF SECTIONS SECTIONS 1. Short title 2. Amendment of section 18. [30th November 2 0 2 3 ] Bene ficial Ownership (Amendment) 3 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL BENEFICIAL OWNERSHIP (AMENDMENT) BILL, 2023 (Bill No. 27 of 2023) A BILL FOR AN ACT TO AMEND THE BENEFICIAL OWNERSHIP ACT, 2020. ENACTED by the President and the National Assembly. Short title 1. This Act may be cited as the Beneficial Ownership (Amendment) Act, 2023. [30th November 2 0 2 3 ] Bene ficial Ownership (Amendment) 4 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL Amendment of section 18 2. Section 18 of the Beneficial Ownership Act, 2020, is amended in subsection (2) by repealing the words “12 months” and substituting them with the words “24 months”.