Corruption…Money laundering…where do we even begin?

Well, let’s start with the fact that it is becoming increasingly common to see the use of anonymous companies to hide links to sources of funds and enable corruption. That would obviously explain why in recent years, we have seen a spike in corruption issues and money laundering scandals – which in turn, has shone a spotlight on the dangers of anonymous corporate structures.

Fortunately, Companies Commission of Malaysia (SSM) had put in place a framework that promotes transparency on beneficial ownership, including more thorough reporting and disclosure requirements. The issuance of the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons is an important tool to stem these issues and scandals.

Now if you don’t want to face any penalties, it’s time to read up and maybe even consider working with professionals like us to help you on this 😉 We have highlighted some FAQ on the topic to get you started!

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