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Singapore Enhances Transparency in Beneficial Ownership

In a move to boost corporate transparency and combat financial crimes, Singapore has tabled a bill aimed at enhancing its regime on beneficial ownership of companies and limited liability partnerships (LLPs).

Background

The Corporate Registers (Miscellaneous Amendments) Bill was introduced to Parliament on November 1.

Public Consultation

The amendments follow a public consultation conducted by the Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) from July 2 to 30. In response to feedback, MOF/ACRA has made several changes to the bill.

Key Changes

  • Extension of Time Frame: The time frame for foreign companies to update their register of members is extended from 14 days to 30 days, allowing more time for companies with over 50 members to comply.
  • Definition of “Executive Control”: The definition of “executive control” is clarified and requires local companies, foreign companies, and LLPs to enter particulars of individuals with executive control in their registers. This provides greater transparency on beneficial ownership.

Clarifications

  • Nominee Directors and Shareholders: MOF/ACRA has clarified its stance on nominee directors and shareholders, including non-public registers for nominee shareholders.
  • International Developments: The authority will continue to monitor international developments and enhance the requirement where necessary.

Objectives

The bill aims to reduce opportunities for misuse of corporate entities for illicit purposes and is in line with international standards set by the Financial Action Task Force (FATF).

Reference Materials

Reference materials are available on the MOF website, including:

  • A press release summarizing responses to public consultation feedback
  • Annex A, which outlines key feedback and ACRA’s responses

Bill Availability

The Corporate Registers (Miscellaneous Amendments) Bill is now available on the Parliament website.

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