Our summary of the main requirements under the Guideline is available
here.
On 17 December 2020, the CCM announced that the transitional period will be extended to a date to be determined and that the enforcement date of the Guideline will coincide with the coming into operation of the proposed
Companies (Amendment) Bill and the Limited Liability Partnerships (Amendment) Bill. A consultative document had been issued in respect of each of these Bills earlier this year. The CCM’s announcement on the extension of the transitional period is available
here.
On the same day as the CCM’s announcement of the extension of the transitional period, the CCM also issued a
revised Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons and a set of
Frequently Asked Questions. The revised Guideline is substantially identical to the earlier version of the Guideline except for matters relating to the extension of the transitional period.
Comments
As the Dewan Rakyat (House of Representatives) has adjourned
sine die after the conclusion of its most recent meeting on 17 December 2020, the earliest opportunity for the two Bills to be presented to the Malaysian Parliament will be at its first meeting in 2021, which has yet to be announced as at the date of this Alert.
Notwithstanding the extension of the transitional period, affected entities that have yet to fully comply with their transitional period obligations under the Guideline should use every endeavour to comply with these obligations as soon as possible.
For enquiries, please contact Kok Chee Kheong (Partner), Tan Wei Liang (Associate) or Tai Kean Lynn (Associate) of our Corporate Division