On 10 January 2022, the Parliament passed the Corporate Registers (Miscellaneous Amendments) Act that amends the Companies Act ("CA") and the Limited Liability Partnerships Act ("LLP Act") to improve the transparency and beneficial ownership of companies and limited liability partnerships ("LLPs").
The changes align our corporate governance requirements closer with international standards by the Financial Action Task Force (FATF) to make it harder for illicit actors to engage in money laundering, terrorism financing and other actions that abuse the system.
This follows an earlier consultation in July 2021 conducted by the Ministry of Finance ("MOF") and the Accounting and Corporate Regulatory Authority ("ACRA"). We covered the key changes proposed in the Bill and the responses by MOF and ACRA in our earlier Client Update, accessible here.
The changes have not come into force, but companies and LLPs should be familiar with the changes and prepared when they do. Key legislative changes are highlighted below.
Registration of Individuals with Executive Control as Registrable Controllers under Prescribed Circumstances
Local and Foreign Companies Must Keep Register of Nominee Shareholders and Nominators
Timelines for Updating Various Registers
In addition to the above, ACRA is currently consulting on other changes that will, among other things, further enhance transparency of beneficial ownership. For more details, please refer to our Client Update on "ACRA Consults on Legislative Changes for Enhancing Transparency of Beneficial Ownership, Addressing Data Privacy & Digitalisation", available here.
If you have any queries on the above development, please feel free to contact our team members below who will be happy to assist.
Click on the following links for more information:
- Second Reading Speech by Ms Indranee Rajah, Second Minister for Finance, on the Corporate Registers (Miscellaneous Amendments) Bill
- MOF and ACRA Public Consultation on Proposed Enhancements To Singapore's Regime on Transparency And Beneficial Ownership Of Companies and Limited Liability Partnerships issued on 2 July 2021
- MOF and ACRA Summary of responses to public consultation on the draft Corporate Registers (Miscellaneous Amendments) Bill 2021 issued on 27 October 2021