Blog · English
Law 254 of 2021: Transparency and Reporting Requirements
This article retains its original publication date. Its legal references and descriptions reflect the context in which it was written. For advice on your current circumstances, contact the firm.
Editorial review dated September 7, 2026: outdated references have been corrected. The original publication date is retained.
Law 254 of November 11, 2021 introduced changes concerning tax transparency and the prevention of money laundering. This archive article summarises its context and the documentation issues that businesses and resident agents should review.
Regulatory context
The reform amended several laws, including Law 23 of 2015 on prevention, Law 51 of 2016 on tax information exchange, Law 52 of 2016 on accounting records and Law 129 of 2020 on the beneficial ownership register.
Due diligence and beneficial ownership
Identifying clients and beneficial owners, verifying the information received and keeping it up to date are part of the compliance process. The SSNF administers the private beneficial ownership register, in which resident agents register the required information.
Accounting records and supporting documents
Entities and their advisers should review the records required for their activities, who holds them, where they are kept and how they can be supplied when requested. Supporting documents should allow transactions and the entity's financial position to be understood.
A change of resident agent, a request from a competent authority or the dissolution of an entity requires a review of the corresponding documentary obligations. These steps should be planned with the professionals responsible for the records.
Deadlines and consequences
The transitional deadlines mentioned in the original article referred to implementation in 2022. They must not be used as a current compliance calendar. Applicable deadlines, exceptions and sanctions should be checked against the legislation and implementing rules relevant to the entity.
Organising compliance
- Identify the entity's activities and the obligations they generate.
- Keep ownership and contact information up to date.
- Organise accounting records and supporting documents.
- Coordinate requests and changes with the resident agent.
For an individual review, contact BCCA.
References: SSNF: Law 254; National Commission: beneficial ownership guide.