MoF seeks feedback on corporate accounting laws

The amendments aim to prevent the misuse of companies for unlawful purposes.

The Ministry of Finance (MoF) is seeking feedback on corporate accounting laws under the Companies Act 1967 and the Accountants Act 2004.

The amendments aim to prevent the misuse of companies for unlawful purposes, reduce regulatory burden, safeguard shareholders’ interests, and enhance the regulatory regime for public accountants.

They include legislative changes to state the grounds on which the court must refuse an application for the restoration of a struck-off company.

It also seeks to disqualify a person from acting as a director when convicted of certain money-laundering offences and allow sole directors to act as company secretaries.

Additionally, the amendment would allow the Accounting and Corporate Regulatory Authority to share information from its audit oversight functions with foreign audit regulators.

The feedback can be submitted by 31 July 2025 via FormSG.

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