An Act to amend the Companies and Allied Matters Act to require the Corporate Affairs Commission to maintain a public register of the ultimate beneficial owners of any company that has submitted a bid for, or holds, a federal contract of any value. Ownership disclosure shall identify every natural person holding, directly or indirectly, 5 percent or more of the equity, and any natural person otherwise exercising effective control. The register shall be searchable by company name, contract number, and beneficial owner name.
Non-disclosure or false disclosure shall disqualify the company from federal contracting for five years and attract personal sanctions on the directors who certified the filing.
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