Algiers – The National Trade Register (CNRC) today launched its dedicated online platform for declaring the beneficial owner of companies operating in Algeria. The launch, which took place in Algiers, marks a significant step towards enhancing transparency and accountability in the Algerian business environment.
The platform is designed to facilitate the declaration of the ‘beneficial owner,’ defined as the natural person who ultimately owns or controls a company and benefits from its activities. This initiative aligns with international best practices aimed at combating money laundering and terrorist financing.
‘This new platform is a crucial tool for promoting transparency and ensuring that the true beneficiaries of commercial activities are identified,’ stated a CNRC spokesperson. ‘It will help to create a more level playing field for businesses and deter illicit financial flows.’
The online platform offers a user-friendly interface, guiding businesses through the process of submitting the required information. The CNRC has also published detailed guidelines and FAQs to assist businesses in complying with the new regulations.
The introduction of this platform is expected to improve the overall integrity of the Algerian business sector, attracting foreign investment and fostering sustainable economic growth. The CNRC emphasized its commitment to working with businesses to ensure a smooth transition to the new system.
The launch of the beneficial owner declaration platform underscores the Algerian government’s commitment to strengthening governance and promoting a more transparent and accountable business environment.
