Companies (Amendment) Act 2024 will give more transparency, says minister

Domestic trade and cost of living minister Armizan Mohd Ali said Malaysia’s efforts to deal with money laundering, terrorist financing, corruption and tax evasion activities were being assessed by international bodies.

PETALING JAYA: The Companies (Amendment) Act 2024, which will come into force on April 1, will improve beneficial ownership reporting and enhance the corporate sector’s transparency, says domestic trade and cost of living minister Armizan Mohd Ali.

In a statement, the minister said the Act’s 31 clauses, comprising four policy clusters, would strengthen the framework of beneficial ownership reporting, among others.