KUALA LUMPUR, The Dewan Negara on Wednesday passed the Companies (Amendment) Bill 2023.
The bill involves amendments to the Companies Act 2016 (Act 777) to ensure a stronger legal framework can be offered to the corporate sector for the long term by further enhancing the mechanisms for the rescue and rehabilitation of companies facing financial problems.
Deputy Minister of Domestic Trade and Cost of Living Fuziah Salleh said that since 2020, the ministry through the Companies Commission of Malaysia has implemented various initiatives to assist the corporate sector in addressing the negative effects of the pandemic.
During the winding up debate of the bill, Fuziah said the ministry also aimed to strengthen the framework for reporting and disclosing beneficial ownership information.
This enhancement will be carried out by taking into account recent developments at the international level in combating money laundering activities, terrorist financing, corruption and tax evasion.
This effort is to protect corporations from being misused for serious criminal purposes hidden behind business entities.
The Companies (Amendment) Bill 2023 was passed by the Dewan Rakyat on Nov 28.
Source: BERNAMA News Agency