Malaysia: Proposed mandatory beneficial ownership reporting requirements under the New Companies (Amendment) Bill 2023 ...Middle East

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Malaysia: Proposed mandatory beneficial ownership reporting requirements under the New Companies (Amendment) Bill 2023
In brief Previously, the Companies Commission of Malaysia (CCM) issued a consultative document on 28 July 2020, inviting comments from the public on the Companies (Amendment) Bill 2020 (“2020 CA Bill“), which purported to enhance provisions in the Companies Act 2016 (“CA 2016“) relating to the beneficial ownership reporting framework in Malaysia, in tandem with best international practices. However, the 2020 CA Bill was not tabled in Parliament. Notwithstanding this, on 10 October 2023, a new Companies (Amendment) Bill 2023 (“2023 CA Bill“) was tabled for its first reading at the Malaysian Parliament. The 2023 CA Bill purports to further augment corporate transparency and accountability, a

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