Labuan Foundations Act 2010 · Updated to 23 Apr 2025 · Part IV · Registration of Labuan Foundation
24C. Power of Labuan foundation to require disclosure of beneficial ownership information
Feedback & supportA Labuan foundation shall, by notice in writing, require any founder, council member, officer, supervisory person or beneficiary of the Labuan foundation within such reasonable time and in such manner as specified in the notice—
to inform the Labuan foundation whether the founder, council member, officer, supervisory person or beneficiary of the Labuan foundation is a beneficial owner of the
Labuan foundation or if the founder, council member, officer, supervisory person or beneficiary of the Labuan foundation is not a beneficial owner of the Labuan foundation, as far as it is possible to do so, to indicate the persons by name and by other particulars sufficient to
30 Laws of Malaysia enable those persons to be identified as beneficial owners of the Labuan foundation; and
to provide such other information as required under subsection 24B(1).
Where a Labuan foundation knows or has reasonable grounds to believe that any person is a beneficial owner of the Labuan foundation, the Labuan foundation shall, by notice in writing, require such person within such reasonable time and in such manner as specified in the notice—
person
“person” includes a corporation, a partnership, a body of persons, corporate or unincorporated, and a corporation sole;
to state whether he is a beneficial owner of the Labuan foundation or if he is not a beneficial owner of the Labuan foundation, to state whether he knows or has reasonable grounds to believe that any other person is a beneficial owner of the Labuan foundation and to give such particulars of that person that are within his knowledge; and
to provide such other information as required under subsection 24B(1).
Where a Labuan foundation knows or has reasonable grounds to believe that any founder, council member, officer, supervisory person or beneficiary of the Labuan foundation or person knows the identity of a person who is a beneficial owner of the Labuan foundation, the
founder
“founder” means the person who subscribes his name to the charter establishing a Labuan foundation acting either for himself or on behalf of another person and who, by transfer of title, endows that Labuan foundation with its initial assets;
Labuan foundation shall, by notice in writing, require the founder, council member, officer, supervisory person or beneficiary of the
officer
“officer” means the officer of a Labuan foundation appointed in accordance with section 35;
Labuan foundation or person within such reasonable time and in such manner as specified in the notice—
to state whether he knows, or has reasonable grounds to believe that any other person is a beneficial owner of the
Labuan foundation and to give such particulars of that person that are within his knowledge; and
to provide such other information as required under subsection 24B(1).
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Whenever a Labuan foundation receives information from the person to whom the notice is given under subsection (1), (2) or (3), the
Labuan foundation shall, within thirty days from the date on which the information is received, record in the register of beneficial owners of the Labuan foundation—
register
“register” means the register of Labuan foundations registered under this Act maintained under section 16;
the date on which the notice requiring such information was issued; and
the particulars of the information received from the person.
If a Labuan foundation has reasonable grounds to believe that a change has occurred to the particulars of a beneficial owner of the
Labuan foundation that are stated in the register of beneficial owners of the Labuan foundation, the Labuan foundation shall give notice to the beneficial owner of the Labuan foundation—
to confirm whether or not the change has occurred; and
if the change has occurred—
to state the date of the change; and
to provide the particulars of the change.
If a Labuan foundation has reasonable grounds to believe that any of the particulars of a beneficial owner of the Labuan foundation that are stated in the register of beneficial owners of the Labuan foundation might be incorrect, the Labuan foundation shall give notice to the beneficial owner of the Labuan foundation to confirm whether the particulars are correct, and if not, to provide the correct particulars.
A secretary of a Labuan foundation shall ensure that the Labuan foundation complies with the obligations under this section.
secretary
“secretary” means a Labuan Trust company appointed as secretary in accordance with section 41;
If a Labuan foundation fails to comply with this section, the
Labuan foundation, the secretary and every officer of the Labuan foundation who is in default shall be liable to an administrative penalty.
administrative penalty
“administrative penalty” means the penalty imposed in accordance with section 78;
32 Laws of Malaysia
Malaysia
“Malaysia” means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non living;