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Limited Liability Partnership (Amendment) Bill, 2021

The bill proposes that at the time of registration, new LLPs must reveal their initial beneficial owners. Existing LLPs must also reveal who their beneficial owners are or face a fine of up to KES 500,000. Access to accurate, basic, and beneficial ownership information by competent authorities in a timely manner remains a key pillar in a country’s compliance with international standards on anti-money laundering and counter-terrorism laws, and compliance aids the government’s efforts to position Nairobi as an International Finance Center. The LLP Act permits a partner to assign his or her partnership interest in the partnership in exchange for dividends. Currently, an assignment instantly ends the relevant partner’s LLP membership and allows the receiver to participate in the LLP’s management

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