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Singapore Moves to Enhance Beneficial Ownership Transparency Rules

In a move aimed at reducing opportunities for illicit activities, the Singaporean government has tabled a bill to enhance the transparency and beneficial ownership of companies and limited liability partnerships (LLPs). The Corporate Registers (Miscellaneous Amendments) Bill, which was introduced on November 1, is designed to bring the country’s regime in line with international standards set by the Financial Action Task Force (FATF).

Public Consultation Feedback

The bill follows a public consultation period from July 2 to July 30, during which the Ministry of Finance and the Accounting and Corporate Regulatory Authority received feedback from stakeholders. The government has since responded to key concerns raised during the consultation.

Key Changes

Extension of Time Frame for Foreign Companies

One of the major changes is the extension of the time frame for foreign companies to update their register of members from 14 days to 30 days. This change was made in response to feedback that the original time frame would be challenging for foreign companies with a large number of members.

Clarification on “Executive Control” and Register Requirements

The bill also clarifies the definition of “executive control” and requires local companies, foreign companies, and LLPs to enter particulars of individuals with executive control into their registers of controllers if no individual or legal entity has been identified as having significant interest in or control over the entity.

Update Requirements for Local Companies

Additionally, the government has provided greater clarity on the requirement for local companies to update their register of nominee directors within seven days of receiving information from directors. The bill also requires local companies and foreign companies to keep non-public registers of nominee shareholders, although there have been requests to exempt certain types of entities and individuals from this requirement.

Accessing the Bill and Feedback

The Corporate Registers (Miscellaneous Amendments) Bill is available on the Parliament website, while a summary of responses to public consultation feedback can be found on the Ministry of Finance website. The government has indicated that it will continue to monitor international developments and enhance the requirements as necessary.

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