A new Companies (Amendment) Bill 2023 began its passage through the Malaysian parliament in October 2023. If adopted, it will require companies to keep and maintain a register of beneficial owners at their registered offices and report any changes to the companies commission within 14 days.

Malaysian companies are currently subject to limited beneficial ownership reporting under the existing s.56 Companies Act 2016, together with guidelines issued by the commission. In July 2020, the commission issued a consultative document on the Companies (Amendment) Bill 2020, introducing extra provisions intended to bring Malaysia's beneficial ownership reporting framework into line with best international practices. However, that Bill was never tabled in parliament. The new Bill, tabled for its first parliamentary reading on 10 October 2023, will replace it....