Macao Introduces New Law Requiring Beneficial Ownership Disclosure

Increase in Transparency to Combat Money Laundering

Macao is set to introduce a new law requiring companies and entities to disclose beneficial ownership information as part of its efforts to combat money laundering. The move aims to increase transparency and help authorities track down illicit funds.

Amendments to the Anti-Money Laundering Law (AMLL)

The amendments to the AMLL were promulgated on April 26, 2024, and will come into effect on November 1, 2024. As part of the changes, companies with a registered capital of more than RMB 10 million or those with legal person shareholders will be required to file beneficial ownership information (BOI) with the competent Anti-Money Laundering authority.

Who Needs to File Beneficial Ownership Information?

Companies with a registered capital of more than RMB 10 million
Companies with legal person shareholders

Exemptions from BOI Filing Obligation

Individually-owned businesses with a registered capital of RMB 10 million or less
Businesses owned entirely by natural persons

Information Required for BOI Filing

Name
Gender
Nationality
Date of birth
Address
Contact details

Impact on Foreign-Invested Companies

Foreign-invested companies that are required to conduct a BOI filing are advised to understand the new requirements and take appropriate steps to ensure compliance. This may involve restructuring in order to meet the requirements, such as identifying the correct reportable beneficial owner(s) and obtaining necessary personal information from them.

Penalties for Non-Compliance

Penalties for non-compliance include administrative fines of up to CNY 50,000 and may also be subject to administrative corrections.