Malaysia legislation
Section 4
Section 4
The principal Act is amended by inserting after section 20
the following part:
“Part IIIa
BENEFICIAL OWNERSHIP
Beneficial owner of limited liability partnership 20a. (1) A person is a beneficial owner of a limited liability partnership if he is a natural person who ultimately owns or controls over a limited liability partnership and includes a person who exercises ultimate effective control over a limited liability partnership.
(2)
The Registrar may issue guidelines for the purpose of identifying a beneficial owner of a limited liability partnership.
Limited Liability Partnerships (Amendment)
5
Register of beneficial owners of limited liability partnership 20b. (1) Every limited liability partnership shall keep a register of beneficial owners of the limited liability partnership and record in the register—
(a)
the full name, addresses, nationality, identification and usual place of residence of a person who is a beneficial owner of the limited liability partnership;
(b)
the date the person becomes a beneficial owner of the limited liability partnership;
(c)
the date the person ceases to be a beneficial owner of the limited liability partnership; and
(d)
such other information as the Registrar may require.
(2)
The register of beneficial owners of the limited liability partnership shall be kept at the registered office of the limited liability partnership or any other place in Malaysia as notified to the Registrar.
(3)
The limited liability partnership shall lodge with the Registrar a notice on any change to the particulars in the register of beneficial owners of the limited liability partnership.
(4)
Any notice required under subsection (3) shall be lodged within fourteen days from the date on which the change is recorded in the register of beneficial owners of the limited liability partnership.
(5)
The limited liability partnership shall retain the information of a person who has been recorded in the register of beneficial owners of the limited liability partnership as a beneficial owner but subsequently ceases to be a beneficial owner of the limited liability partnership for seven years from the date the person ceases to be a beneficial owner.
(6)
The limited liability partnership and every partner and compliance officer who contravene this section commit an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit and, in the case of a continuing offence, to a further fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.
(7)
The Registrar shall determine the form, manner and extent of the information to be kept under subsection (1)
and lodged under subsection (3).
(8)
The register of beneficial owners of a limited liability partnership shall be prima facie evidence of any matter inserted in the register under this Act.
(9)
The Minister may, in relation to access to the register of beneficial owners of the limited liability partnership kept at the registered office of the limited liability partnership or beneficial ownership information lodged with the Registrar, prescribe—
(a)
any person or class of persons who may access the register of beneficial owners of the limited liability partnership or the beneficial ownership information;
(b)
the manner and terms and conditions for accessing the register of beneficial owners of the limited liability partnership or the beneficial ownership information;
and
(c)
the fee for the supply of the beneficial ownership information.
(10)
In this section, “identification” means, in the case of any person issued with an identity card issued under the National Registration Act 1959 [Act 78], the number of the identity card, and in the case of a person not issued with an identity card, particulars of passport or such other similar evidence of identification as is available.
Limited Liability Partnerships (Amendment)
7
Power of limited liability partnership to require disclosure of beneficial owner of limited liability partnership 20c. (1) A limited liability partnership shall, by notice in writing, require any partner of the limited liability partnership within such reasonable time and manner as specified in the notice—
(a)
to inform the limited liability partnership whether the partner is a beneficial owner of the limited liability partnership or if the partner is not a beneficial owner of the limited liability partnership, as far as it is possible to do so, to indicate the persons by name and by other particulars sufficient to enable those persons to be identified as beneficial owners of the limited liability partnership; and
(b)
to provide such other information as specified under subsection 20b(1).
(2)
Where a limited liability partnership knows or has reasonable grounds to believe that any person is a beneficial owner of the limited liability partnership, the limited liability partnership shall by notice in writing, require such person within such reasonable time and manner as specified in the notice—
(a)
to state whether he is a beneficial owner of the limited liability partnership or if he is not a beneficial owner of the limited liability partnership, to state whether he knows or has reasonable grounds to believe that any other person is a beneficial owner of the limited liability partnership and to give such particulars of that person that are within his knowledge; and
(b)
to provide such other information as required under subsection 20b(1).
(3)
Where a limited liability partnership knows or has reasonable grounds to believe that any partner or person knows the identity of a person who is a beneficial owner of the limited liability partnership, the limited liability partnership shall by notice in writing require the partner or person within such reasonable time and manner as specified in the notice—
(a)
to state whether he knows, or has reasonable grounds to believe that any other person is a beneficial owner of the limited liability partnership and gives such particulars of that person that are within his knowledge; and
(b)
to provide such other information as required under subsection 20b(1).
(4)
Whenever a limited liability partnership receives information from the person to whom the notice is given under subsection (1), (2) or (3), the limited liability partnership shall, within fourteen days from the date on which the information is received, record in the register of beneficial owners of the limited liability partnership—
(a)
the date on which the notice requiring such information was issued; and
(b)
the particulars of the information received from the person.
(5)
If a limited liability partnership has reasonable grounds to believe that a change has occurred to the particulars of a beneficial owner of the limited liability partnership that are stated in the register of beneficial owners of the limited liability partnership, the limited liability partnership shall give notice to the beneficial owner of the limited liability partnership—
(a)
to confirm whether or not the change has occurred;
and
(b)
if the change has occurred—
(i)
to state the date of the change; and
(ii)
to provide the particulars of the change.
Limited Liability Partnerships (Amendment)
(6)
If a limited liability partnership has reasonable grounds to believe that any of the particulars of a beneficial owner of the limited liability partnership that are stated in the register of beneficial owners of the limited liability partnership might be incorrect, the limited liability partnership shall give notice to the beneficial owner of the limited liability partnership to confirm whether the particulars are correct, and if not, to provide the correct particulars.
(7)
A limited liability partnership and every partner and compliance officer who contravene subsection (1), (2),
(3)
, (4), (5) or (6) commit an offence.
(8)
Any person who contravenes any notice under this section commits an offence unless the person proves that the information in question was already in the possession of the limited liability partnership or that the requirement to give the information was for any other reason that is frivolous or vexatious.
(9)
Any person who in purported compliance with any notice under this section makes any statement which he knows to be false or recklessly makes any false statement commits an offence.
Duty of beneficial owner of limited liability partnership to provide information 20d. (1) A person who has reason to believe that he is a beneficial owner of a limited liability partnership shall, as soon as practicable—
(a)
notify the limited liability partnership that he is a beneficial owner of the limited liability partnership;
and
(b)
provide information as may be prescribed.
(2)
A person who is a beneficial owner of a limited liability partnership shall notify the limited liability partnership of any changes in his particulars in the register of beneficial owners of the limited liability partnership.
(3)
A person who has ceased to be a beneficial owner of a limited liability partnership shall notify the limited liability partnership, as soon as practicable, of the change by stating—
(a)
the date the cessation occurred; and
(b)
the particulars of the cessation.
(4)
Any person who contravenes this section commits an offence.
Exemption from this Part 20e. The Minister may, by order published in the Gazette, exempt any class of limited liability partnerships from the application of this Part either unconditionally or subject to such terms as the Minister may impose, if such limited liability partnerships are subject to any requirements under any other written laws similar to this Part.”.
Amendment of section 27