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Algeria has just adopted a comprehensive set of regulations concerning the mandatory registration of beneficial owners holding a direct or indirect interest in an Algerian company.
Executive Decree no. 23-429 of November 29, 2023 now requires Algerian companies to declare to the Trade Registry administration the identity of individuals who ultimately hold, directly or indirectly, at least 20% of their share capital or voting rights, or otherwise exercise control over the company.
Existing companies have until November 30, 2024 to comply with this reporting obligation.
Failure to declare is punishable by fines of up to 3,750,000 dinars (around 25,000 euros).
These regulations have been issued in application of the new anti-money laundering and terrorist financing provisions of Law 23-01 of February 7, 2023, which also include new prevention obligations to be implemented by reporting companies, including in particular the completion of a risk map.
