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In Cybersecurity, Data and Tech

Malaysia: The Cyber Security Bill 2024 – A new era for cyber security Draft

by , and 6 Mins Read

The new Cyber Security Bill 2024 (“Bill”) was tabled for first reading at the Malaysian Parliament on 25 March 2024. The Bill aims to provide a regulatory framework for the safeguarding of Malaysia’s cybersecurity landscape by requiring national critical information infrastructure entities to comply with certain measures, standards and processes in the management of the cybersecurity threats and cybersecurity incidents. To achieve such objectives, the Bill provides for, among others, the establishment of the National Cyber Security Committee, the duties and powers of the Chief Executive, the appointment of national critical information infrastructure sector leads, the designation of national critical information infrastructure entities and the licensing of cybersecurity service providers.

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In Cybersecurity, Data and Tech

Malaysia: Online content and related developments

by , and 5 Mins Read

Proposed licensing of social media and internet messaging services providers and a new draft bill on digital safety – these are some of the recent updates in the online content space for Malaysia. On 15 December 2023, the Malaysian Communications and Multimedia Commission (MCMC) reported that there was a significant increase in harmful content on social media and over-the-top platforms in 2023 as compared to in 2022. Against this backdrop, the Malaysian Government (as with its counterparts in the region) is increasingly concerned about online safety and the harms that materialize as part of the proliferation of online content.

In Corporate Compliance

Malaysia: Update on the Companies (Amendment) Act 2024 and the revised beneficial ownership reporting requirements

by , and 2 Mins Read

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.

In Corporate Compliance

Malaysia: Proposed mandatory beneficial ownership reporting requirements under the New Companies (Amendment) Bill 2023

by and 6 Mins Read

A new Companies (Amendment) Bill 2023 (“2023 CA Bill”) was tabled for its first reading at the Malaysian Parliament. The 2023 CA Bill purports to further augment corporate transparency and accountability, and as such, introduces, among other things, new legal requirements in the CA 2016 for Malaysian companies to collate and report beneficial ownership information to the Companies Commission of Malaysia. In this article, we explore the mandatory reporting requirements proposed under the 2023 CA Bill and their potential implications on the wealth management industry.

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In Regulatory

Malaysia: MCMC addresses online harm, imbalanced media and AI

by 4 Mins Read

In a move towards regulating digital platforms, the Malaysian Communications and Multimedia Commission (MCMC) announced on 5 September 2023 that it:
a. Had been in discussions with certain online platforms to address the challenges posed by the evolving landscape of online media
b. May be seeking to introduce a regulatory framework (in the manner of Australia and Canada) to ensure that news content creators are fairly compensated by online platform providers who use their content
c. Aims to implement “rules of the road” for implementation of artificial intelligence technology (AI)

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In Anti-Corruption

Malaysia: Zero tolerance for corruption = Increased drive for corporate governance

by , and 5 Mins Read

It has been three years since Section 17A of the Malaysian Anti-Corruption Commission Act 2009 came into effect, with the first charge under the provision made in 2021. The recent array of actions by the MACC coupled with the “zero tolerance for corruption” policy launched by the Madani Government provide a timely reminder of the importance of businesses in (i) reviewing their existing procedures and (ii) ensuring adequate procedures are in place to prevent bribery as they afford the only defense against liability under Section 17A.

In Employment

Malaysia: Compliance checks by the Labour Department

by , and 3 Mins Read

Recently, we have observed that the labor authorities in Peninsular Malaysia have increased efforts to monitor employers’ compliance with the local laws and practice. With the expansion of the scope of the Malaysian Employment Act (EA) effective 1 January 2023 to cover all employees in Peninsular Malaysia (and Labuan), employers are reminded of their statutory obligations, especially those under the EA.

In Trade and Foreign Investment

Malaysia: Reintroduction of the Voluntary Disclosure Programme for Direct and Indirect Taxes

by 2 Mins Read

Following the re-tabling of the Malaysian Budget 2023 on 24 February 2023, the Malaysian Inland Revenue Board and Royal Malaysian Customs Department have reintroduced the Special Voluntary Disclosure Programme 2.0 and the Voluntary Disclosure Programme which apply to direct taxes and indirect taxes respectively. A similar programme was previously implemented in 2022 for indirect taxes and in 2019 for direct taxes, although there are some key differences in respect of the scope and incentives.

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