Consultation on Amendments to Enhance Beneficial Ownership Transparency and the Regulatory Regime for Corporate Service Providers

On 12 March 2024, the Ministry of Finance and the Accounting and Corporate Regulatory Authority jointly issued a consultation on the following draft bills:

• The draft Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill, which seeks to enhance the transparency of beneficial ownership of companies and limited liability partnerships; and
• The new draft Corporate Service Providers Bill, which seeks to enhance the regulatory regime for the Corporate Service Providers sector.

The consultation ends on 25 March 2024. This Update provides a summary of the key amendments introduced by the draft bills.