We are pleased to share upcoming developments in relation to the Companies (Amendment) Act 2024 (“CA 2024”) which will anchor the revised beneficial ownership (BO) reporting framework. The approval process of the CA 2024 through the Malaysian Parliament was completed in December 2023. The CA 2024 subsequently received Royal Assent on 24 January 2024 and finally, the CA 2024 was gazetted on 2 February 2024. At this point in time, the CA 2024 has yet to be enforced.

On 10 October 2023, the Companies (Amendment) 2023 Bill was tabled for the first reading at the Dewan Rakyat. The Bill, once in force, aims to enhance corporate transparency and accountability by supplementing the existing provisions on beneficial ownership reporting.