What is Beneficial Ownership?

Recently, Many business owners/directors received letters/email from their Company Secretary.

What is BO?

Wikipedia:

Beneficial ownership is a term in domestic and international commercial law which refers to the natural person or persons "who ultimately own or control a legal entity or arrangement, such as a company, a trust, or a foundation".[1] The legal owner (i.e. the owner on the record) may be described as the "registered owner", and if they are not the beneficial owner they may be described as a "nominee".

Why the trouble to declare BO?

It is required by the law to prevent abuse of financial arrangement via legal ownership to hide the real (beneficial) owner.

Should we sign the letter to declare BO?

Yes.

Compliance in Malaysia will only get 'more' and 'more' in future. Just be prepared for it.

References for BO

0) BO Effective Date
 https://t.me/c/1304944004/531
 
 1) Malaysian Lawyer on BO
 
 a) 9.3.2020:point_down: https://themalaysianlawyer.com/2020/03/09/10-things-beneficial-ownership-malaysia/
 https://themalaysianlawyer.com/2020/03/09/10-things-beneficial-ownership-malaysia/

 
 b) 17.12.2019 https://themalaysianlawyer.com/2019/12/17/unmasking-corporate-anonymity/
 https://themalaysianlawyer.com/2019/12/17/unmasking-corporate-anonymity/

 
 c) 26.11.2019 https://themalaysianlawyer.com/2019/11/26/observations-proposed-guidelines-beneficial-ownership/
 https://themalaysianlawyer.com/2019/11/26/observations-proposed-guidelines-beneficial-ownership/

 
 d) 6.8.2019 https://themalaysianlawyer.com/2019/08/06/beneficial-ownership-of-companies-out-of-the-shadows/
 https://themalaysianlawyer.com/2019/08/06/beneficial-ownership-of-companies-out-of-the-shadows/

 
 2) Guideline for BO Reporting Framework-27.2.2020 (word) a)https://t.me/c/1304944004/539
 a)https://t.me/c/1304944004/539

b)https://t.me/c/1304944004/534
 b)https://t.me/c/1304944004/534

c)https://t.me/c/1304944004/532
 c)https://t.me/c/1304944004/532

d)https://t.me/c/1304944004/533
 d)https://t.me/c/1304944004/533

 
 3) Overview of BO Reporting a)https://t.me/c/1304944004/530
 a)https://t.me/c/1304944004/530

b)https://t.me/c/1304944004/529
 b)https://t.me/c/1304944004/529

c)https://t.me/c/1304944004/378
 c)https://t.me/c/1304944004/378

(Seminar slide)
 d) https://t.me/c/1304944004/376

(Seminar slide)
 e) https://t.me/c/1304944004/367

(Seminar Slide)
 
 4) Guidelines for BO Reporting Framework 69pgs (Revised) v3(2).pdf https://t.me/c/1304944004/415
 https://t.me/c/1304944004/415

https://t.me/c/1304944004/849
 https://t.me/c/1304944004/849

(latest Guidelines 10.9.2020)
 
 5) Beneficial Ownership Reporting.pdf (AR attachement) -https://t.me/c/1304944004/253
 -https://t.me/c/1304944004/253

(Errors Check AR) -https://t.me/c/1304944004/252
 -https://t.me/c/1304944004/252

(Generate TXT file AR) -https://t.me/c/1304944004/251
 -https://t.me/c/1304944004/251

(Excel Attachm AR)
 
 6) Youtube -https://youtu.be/1i-LhQk6kxA
 -https://youtu.be/1i-LhQk6kxA

 
 7) EITI - "Extractive Industries Transparency Initiative”
 -https://eiti.org/beneficial-ownership
 Snfang

#Index - Anti-Corruption & AMLA
 
 1) https://t.me/c/1304944004/106
 2) https://t.me/c/1304944004/136
 3) https://t.me/c/1304944004/618
 4) https://t.me/c/1304944004/785
 5) https://t.me/c/1304944004/784
 6) https://t.me/c/1304944004/758
 7) https://t.me/c/1304944004/616
 8) https://t.me/c/1304944004/450
 9) https://t.me/c/1304944004/222
 10) https://t.me/c/1304944004/218
 11) https://t.me/c/1304944004/217