Dewan Negara passed the Limited Liability Partnership (Amendment) Bill 2024

KUALA LUMPUR: The Limited Liability Partnership (Amendment) Bill 2024 which, among other things, aims to help reduce liability for partners in conventional partnerships was passed by the National Assembly today.

Deputy Minister of Domestic Trade and Cost of Living Fuziah Salleh said under the amendment of the Limited Liability Partnership Act 2013 (Act 743) that will include provisions regarding the reporting framework and disclosure of beneficial ownership information.

Fuziah said the Companies Commission of Malaysia (SSM) provides guidelines and frequently asked questions (FAQs) to provide understanding to Limited Liability Partnership (LLP) entities to comply with the new legislation on the disclosure of beneficial owners in addition to informing that no cost or registration fee is used.

PLT has an obligation to identify and obtain beneficial owner information if an individual knows he is a beneficial owner of the PLT concerned.

“The individual also has an obligation to inform the LLP about the matter. So this is important because if we do not inform, he will have an ‘interest’ or he will get a profit or he is the one who makes the decision, that is what the beneficial owner means.

“Let’s say a government tender, he enters 10, but those 10 he has beneficial ownership (and) he doesn’t register anywhere. So whichever company wins the tender, he (will) get a profit and that’s why it’s very important that we register the beneficial owner,” she said.

The bill was approved by a majority vote after being debated by five senators.