Webinar Agenda (Part 3)

28 Nov 2023 - Dewan Rakyat

1. YB Rasah

• BO definition
• How the enlarged scope of BO help in economy ?
• If Malaysia didn't comply with FATF international standards, what is the impact ?
• If Malaysia comply with FATF international standards, what are the benefits ?
• 264 (4A) & (4B) Auditor's independence: What if the spouse is holding key position such as finance minister - conflict of interest

2. YB Mersing

• Is Malaysia very exposed on ML or TF until the need of amending / enhancing BO framework ?
• How about those company that appear to be lawful but actually breach various rules or regulation for example acquisition of government tender or anti competition activities, Ali baba, cartel or companies that colluding to obtain government tender ?
• What coordination across enforcement agencies example BNM and MACC to ease investigation of illegal activities hiding behind business entities
• Is there preparation of template or guideline relating to reporting and update disclosure of compulsory BO information to SSM ?
• Has the core system of SSM in line with international best practices of FATF and OECD ?
• BO disclosure any cost implication to the company ?
• What measures to ensure the business community understand and comply before amendment is enforced ?
• Is BO freely accessible to auditors ?
• Who are the parties that has authority to access BO register ?

3. YB Pasir Gudang

• Billion dollar scandals such as 1MDB, SRC International
• Trillion dollar = black economy
• Panama papers, Pandora Papers
• Clause 23 S567(1)(fa) foreign company must submit BO to SSM. Prevent Shell Company - Jho Low. Control

4. YB Sabak Bernam

• Duty of BO to disclose. What if BO in coma, mentally ill, handicap, lost mind, crazy ?
  
• How about death of BO ? How to inform cease of BO ? Need to add sections to add beneficiary to take over BO ?
  
• What mechanism to ensure continuation ?
  
• 60D(4) add "dianggap"

5. YB Tebrau

• S2 & S60A: BO definition too wide. What is effective ultimate/absolute control ?
• How to accurately define BO ?
  
• What is the main objective to identify ultimate BO ?

6. YB Padang Terap

7. YB Balik Pulau

8. YB Padang Besar

• what form of coordination is made across ministries and enforcement agencies like BNM & MACC to ease investigation on parties that might be hiding behind business entities when committing crime
• core system to store BO information in line with international standards ?

9. YB Bangi

• BO - individual who control the company. On paper No but in reality, control the company.
  
• FAQ & amendment not in sync
  
• Refine the definition of BO to avoid defeating purpose of amendment.
• Minister - authorities to access. Request that Minister give public limited access - start litigation, limited access ?

10. YB Kepala Batas

• S2 include director as nominee to allocate the BO definition
• How many actions have been taken by SSM regarding breach of BO ?
• Alibaba company - used by foreigners

11. YB Pulai

• Is Malaysia so exposed to ML / TF ?
• White collar crime seeking loopholes to avoid action being taken by authorities.
• How SSM ensure all relevant parties will comply or report BO infomation accurately ?

12. YB Besut

• waive compound ?
• S60B (9) scope of power of
• Minister with regards to access of BO ?
• Black economy 30 billion

13. YB Arau

13 Dec 2023 - Dewan Negara

1. Dato’ Kesavadas a/l A Achyuthan Nair

2. Tuan Abun Sui Anyit

• Layers and layers of subsidiaries to figure out who is BO
• Extra cost of the one who is investigating & finding out who is BO
• Use proxies. BO can afford to setup various companies or pay proxies. Proxies end up as Scapegoat.

3. Puan Susan Chemerai Anding

• Company and Shareholder are Separate Legal Entities. Who has access to BO ?
• Risk of BO register given go banking institute.
• Access to BO register - criminal investigation - enforcement officers vs civil & commercial case
• Criminals will have modus operandi to hide from authorities. Moreover, enforcement still weak in Malaysia
• Who has access to BO information ?
• Effectiveness of having BO information in combating crimes ?

4. Datuk Haji Aziz bin Ariffin

• FATF - what is impact to Malaysia if unable to comply ?
• What is current rating ?

5. Datuk Seri Hajah Zurainah binti Musa

• What is penalty for companies who don't comply with BO ?
• What is penalty for BO who don't comply ?
• How SSM monitor compliance of BO ?
• Why there is a need to empower minister to exempt certain companies from BO reporting ?
• Is this amendment actually practical ? Extra burden to the company where they are unable to ensure BO accuracy ?
• Clause 28 S612A - How to ensure truthfulness of information published in SSM website ?
• "business and economy productivity comes first. For the sake of compliance must be avoided"

6. Dato’ Ahmad bin Dato’ Sri Haji Ibrahim

7. Puan Rita Sarimah anak Patrick Insol

• Clear BO Guideline
• Access to BO information

8. Tuan Haji Hussin bin Ismail

• Company change name or change company but same BO
  

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