Companies Law 22 No. 22 of 1997

The Companies Control Department (CCD) implements Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) measures to prevent the misuse of companies for illicit financial activities.

Key Obligations

The AML/CFT framework establishes key obligations for companies to prevent misuse of corporate structures for illicit financial activities:

Maintain accurate and up-to-date beneficial ownership information
Implement customer due diligence procedures where applicable
Maintain corporate and financial records for the required retention period
Report suspicious transactions to relevant authorities when required by law
Comply with national AML/CFT regulations and reporting requirements

Scope of Application

AML/CFT requirements apply to companies registered under the Companies Law and to individuals responsible for managing company operations and financial activities. Entities must ensure that appropriate controls are in place to prevent misuse of corporate structures for unlawful purposes and maintain transparency in company ownership, financial activities, and reporting obligations.