The proposed amendments to the Companies Act No. 07 of 2007, aimed at enhancing transparency and aligning with international standards for combating money laundering and terrorism financing, have been approved by the Cabinet of Ministers.

The draft bill, revised following input from the Attorney General (AG) and the Supreme Court’s (SC) special decision, has received clearance from the Attorney General for finalization. 

The Minister of Trade, Commerce, Food Safety, and Cooperative Development is set to publish the draft bill in the Government gazette and present it to Parliament for approval.