In an effort to prevent money laundering and fight the financing of terrorist activities, Tunisia has recently adopted requirements for the identification and registration of the ultimate beneficial owners of corporations and other entities registered in Tunisia.
The ultimate beneficiaries of a legal entity include:
The new rule also governs the ultimate beneficiaries for other legal arrangements including the trust funds and other similar arrangements. With respect to trust funds, the ultimate beneficiary includes inter alia the founder of the legal arrangement, the trustee, the beneficiaries, and any natural person ultimately exercising effective control on the legal arrangement. Concerning the other similar arrangements, the ultimate beneficiary includes natural persons in charge of similar roles. In addition, banks, insurance and financial institutions, investment institutions, lawyers, chartered accountants and notaries acting as trustee in a legal arrangement must disclose their status as such.
All persons engaged in economic activity must register and obtain an ID number. Upon the registration, they must file the document relating to the ultimate beneficiaries (the determination of beneficial ownership mentioned as above) containing the identification elements and the personal domicile of the latter and the means of control it exercises.
Source: Tunisian Government
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