IPA rolls out awareness on Beneficial Ownership

The Investment Promotion Authority [IPA], through the Office of the Registrar of Companies, is conducting a nationwide awareness campaign on proposed amendments to the Companies Act to incorporate provisions for Beneficial Ownership (BO).

The team was in Lae, Morobe Province and then travelled to Goroka and Mt. Hagen in the Highlands Region.

Whilst the awareness focus is on BO, the team is also conducting awareness on its online registry system [ORS].

“This program was specifically initiated to provide in-depth information and training on the ORS and awareness on the Proposed Amendments to the Companies Act 1997 on Beneficial Ownership” said Mr. David Kil, Registrar of Companies, who is leading the initiative.

"The evolving international standards necessitate a robust understanding of Beneficial Ownership [BO] and stringent Anti-Money Laundering /Counter Terrorism Funding [AML/CTF] compliance, and this program aims to bridge those knowledge gaps for our business community."

The awareness sessions are targeting a wide range of ORS users, including government agencies, provincial and district officials, chambers of commerce, financial institutions, law and accounting firms, SMEs, ORS agents, and business consultants.

The program began in Lae, where most attendees were active ORS users who engaged directly with the Registrar and his Deputy.

In Goroka, participation was strong despite the challenges faced by attendees travelling from remote villages.

A key challenge identified was that 80-90% of participants lacked a registered IPA online user account, making them vulnerable to "ghost agents."

The Registrar strongly urged the use of the local EHP Commerce Office's IPA Help Desk and emphasized ethical practices for agents.

Meanwhile two SME mothers even received their long-awaited business name certificates on-site after years of waiting, directly assisted by the IPA team.

The Mt Hagen session included a set up where participants were further assisted with specific queries.

Registrar Mr. Kil used the opportunity to encourage the public to stay alert for scheduled awareness programs in other provinces as the initiative continues nationwide.