Malaysia to implement beneficial ownership register
12 December 2019
The Companies Commission Malaysia (CCM) regulatory development and services division director, Norhaiza Jemon said new guidelines requiring all registered companies to submit information on their beneficial owners in early 2020. From the effective dates, companies have six months to comply with all the requirements. After the six months period, the registrar will invoke CCM’s powers to enquire all the information to be submitted to the registrar. Failure of companies to do so would be fined RM50,000.
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‘Beneficial ownership legislation needed to curb corruption’
22 July 2019
Malaysian Anti-Corruption Commission (MACC) chief commissioner Latheefa Koya said companies running for government purchase contact tenders must make full disclosure of their information including beneficial ownership. Tenders should not be awarded to companies linked to ministers or officials of the awarding organisations. MACC was planning to draft a specific provision on beneficial ownership in the MACC Act.
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