MOF, Acra propose changes to Companies Act, LLP Act

THE Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (Acra) are proposing changes to Singapore's Companies Act (CA) and Limited Liability Partnerships (LLP) Act.

Interested parties are invited to provide feedback to the legislative amendments from July 2 to July 30, 2021, said both entities in a joint statement on Friday.

The proposed amendments are set out in the draft Corporate Registers (Miscellaneous Amendments) Bill.

They comprise four key changes relating to transparency and beneficial ownership and LLPs which serve to reduce opportunities for the misuse of corporate entities for illicit purposes, said MOF and Acra.

These are in line with the international standards set by the Financial Action Task Force for combating money laundering, terrorism financing and other threats to the integrity of the international financial system, they added.

Suggested changes include requiring foreign companies to update the register of members to reflect changes in particulars, and for companies to keep registers of nominee directors and shareholders, among others.

The public consultation documents, including the Bill, can be accessed by the public via both MOF and Acra's websites as well as the Reach consultation portal.

Interested participants may submit their comments via e-mail to MOF_Public_Consultation@mof.gov.sg by July 30, 2021. Submissions should indicate "Public Consultation on Corporate Registers (Miscellaneous Amendments) Bill" in the subject line.