Plans for a central non-public register of controllers announced by Singapore’s Accounting and Corporate Regulatory Authority (ACRA)
A non-public register of controllers will be set up, according to ACRA, in addition to legislation aimed at requiring the disclosure of the particulars of nominators of nominee shareholders. The new requirements will be put in place in order to tackle the increasing complexity of money laundering, the need to keep up to date with international transparency efforts and making sure beneficial ownership information is available to law enforcement.
Entities in Singapore will be required to maintain their registers of controllers and ensure they are updated. Entities include local companies, foreign companies and limited liability partnerships (LLPs) registered in Singapore.
ACRA already has the power to maintain a central register of controllers of companies and foreign companies, once it has published a notification in the government’s official gazette and since 2017 Singapore companies and LLPs have been required to maintain registers of controlling parties.
ACRA will start notifying reporting entities and their registered filing agents by mid-April 2020 about the new requirements. By mid-May it expects the new regulation to take effect and will take enforcement action against those that do not comply.
For more information and guidance on the new regulation, contact Alpadis Group here.