Public feedback sought on amendments to Companies, LLPs Acts

The government is proposing four key amendments to transparency and beneficial ownership of companies and limited liability partnerships.

The government is seeking feedback for the amendments proposed by the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) to the Companies Act and the Limited Liability Partnerships Act.

The proposed changes are set out in the draft Corporate Registers (Miscellaneous Amendments) Bill, composed of four key amendments related to transparency and beneficial ownership of companies and limited liability partnerships (LLPs).

These changes are meant to reduce the opportunities of misuse of corporate entities for illicit purposes such as money laundering, terrorism financing, and other threats to the integrity of the international financial system.

The public consultation documents can be accessed on the websites of the MOF, ACRA, and REACH consultation portal.

Interested parties can submit their comments via email to [email protected], using the subject line “Public Consultation on Corporate Registers (Miscellaneous Amendments) Bill” until 30 July.