Have registry of beneficial owners of firms to fight graft, says TI-M

Transparency International Malaysia says the requirement for disclosure of beneficial ownership can help stop the proceeds of corruption from being laundered through investments in high-value property in Malaysia.

Akhbar says that such a registry would ensure corrupt officials and politicians would be unable to award themselves, through their families or cronies, any government contracts. (Bernama pic)

KUALA LUMPUR: Transparency International Malaysia (TI-M) has proposed the setting up of a central registry for beneficial ownership of companies registered in Malaysia and those keeping funds in Labuan.

Noting that graft was the biggest problem for businesses in Malaysia, its president Akhbar Satar said today this was one way to fight corruption and money laundering activities,.

A beneficial owner of a company is the person who truly owns, enjoys and controls the company even though the title to some form of property or security

... read more at: http://www.freemalaysiatoday.com/category/nation/2018/05/24/have-registry-of-beneficial-owners-of-firms-to-fight-graft-says-ti-m/