In July 2021, the Ministry of Finance and the Accounting and Corporate Regulatory Authority (“ACRA“) conducted a public consultation on proposed revisions to the Companies Act and the Limited Liability Partnerships Act to improve the transparency and beneficial ownership of companies and limited liability partnerships.
The proposed revisions aim to mitigate misuse of corporate entities for illicit purposes, in line with the Financial Action Task Force’s standards to combat money laundering, terrorism financing, and other threats to the financial system.
The consultation ended on 30 July 2021 and ACRA recently published responses to feedback received on the consultation. The proposed changes are set out in the draft Corporate Registers (Miscellaneous Amendments) Bill which was presented in Parliament on 1 November 2021 and is slated for second reading in January 2022.
In this Update, we outline the main proposed legislative amendments.
For more information, click here to read the full Legal Update.
