Beneficial Owner (BO) refers to a person who ultimately owns, controls or benefits from a company or trust fund and the income it generates, without being on the record as the owner, according to Transparency International. Meanwhile, CCM has defined BO as an individual who has interest, directly or indirectly, in at least 20% of the shares.
TI-M organized a forum themed ‘Unmasking the Corrupt through Beneficial Ownership Transparency’ in collaboration with Malaysia Reform Initiative (MARI) supported by the United States Agency for International Development (USAID). The forum was held at Sheraton Imperial Hotel Kuala Lumpur aimed to analyze Beneficial Ownership provision in Malaysia by taking the example of the foreign approach, discuss on the recent establishment of beneficial ownership reporting framework by Companies Commission of Malaysia (CCM) as well as how Malaysia can move forward.
Among the distinguished attendees was Pn. Latheefa Koya (Chief Commissioner of MACC), Mr. Dean Thompson (Charge D’Affairs of U.S. Embassy, Mr. Emmauel Ly-Batallan (Head of Economic Section of the French Embassy), Pn Norhaiza Jemon (Director Regulatory Development and Services Division of CCM), Mr. Raymon Ram (Secretary-General of TI-M) and Tn. Mohamad Faizal (Deputy Director AMLFOP Division of MACC).
Full report available here: Unmasking The Corrupt through Beneficial Ownership Transparency