To ensure that adequate, accurate and up-to-date basic and beneficial ownership (BO) information on legal persons and legal arrangements is available on a timely basis to competent authorities, submit to Parliament an amended Companies Act to: (i) ensure that the definition of beneficial ownership is amended in line with the Financial Action Task Force international standards; (ii) have effective, proportionate, and dissuasive sanctions for legal persons and legal arrangements when they breach their BO obligations; and (iii) ensure that the Registrar of Companies is granted with powers to ensure compliance, monitor and verify that basic and BO information held by legal companies is accurate and timely updated.
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