Role of the Company Secretary in Malaysia under the AMLA Act 2001: Anti-Money Laundering and Anti-Terrorism Financing
7 minutesIn the ever-evolving landscape of financial regulation, Malaysia takes a robust stance with its comprehensive anti-money laundering and counter-financing of terrorism (AML/CFT) measures. Enshrined in the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Acts 2001 (Act 613), these measures represent the country’s unwavering commitment to upholding financial integrity. Our focus today is the significant collaboration between the Companies Commission of Malaysia (SSM) and the Central Bank of Malaysia (BNM), which was fortified on 22 August 2022. This strategic partnership aims to enhance the regulatory framework and supervision of financial operations, specifically targeting the roles of company secretaries and trust companies. Through this initiative, Malaysia is setting a benchmark in the ASEAN region for its proactive approach to preventing financial malpractices and ensuring a secure economic environment.
Understanding the Malaysia Companies (Amendment) Bill 2023
6 minutesIn December 2023, a landmark legislative proposal, the Companies (Amendment) Bill 2023, was introduced in Kuala Lumpur, setting the stage for a transformative shift in the Malaysian corporate governance landscape. The bill signifies Malaysia’s proactive alignment with international business practices and its commitment to fortifying the legal framework governing its corporate sector. This amendment is designed to strengthen corporate rehabilitation mechanisms, enhance transparency, and solidify the ethical foundations of business operations, reflecting a strategic response to the evolving demands of the global economy.
Digital Scam on the Rise: Understanding the Growing Threat in Malaysia
5 minutesIn the age of digitalization, where technology continues to reshape our lives, there is an unfortunate and concerning trend emerging in Malaysia. Digital scams are not merely an occasional inconvenience; they have evolved into a pervasive and increasingly sophisticated threat, posing significant risks to individuals and businesses alike. In this comprehensive exploration, we will delve into the various aspects of this growing problem, dissecting the reasons behind its surge, shedding light on the most common types of digital scams, and providing invaluable insights into how individuals and organizations can safeguard themselves against falling prey to these malicious schemes.
Malaysia Corporate Governance for Foreigners
4 minutesCorporate governance encompasses the process and framework utilized to guide and oversee a company’s business and operations, aiming to foster business prosperity and corporate accountability. The ultimate goal is to achieve long-term shareholder value while taking into consideration the interests of other stakeholders.
How To Apply Business Licence In Malaysia For Businesses?
4 minutesIn the dynamic landscape of global commerce, Malaysia has emerged as an increasingly attractive destination for entrepreneurs seeking to establish and expand their ventures. As a burgeoning economic hub within Southeast Asia, Malaysia offers a strategic location, a well-developed infrastructure, and a conducive business environment. However, to navigate the Malaysian business landscape effectively, it is imperative to comprehend the intricacies of business licensing. In this article, we will delve into the various facets of business licensing in Malaysia, shedding light on the crucial steps, types of licenses, and regulatory nuances that entrepreneurs need to be well-versed in to ensure compliance and foster growth.
What is Member Voluntary Liquidation in Malaysia?
5 minutesIn today’s corporate landscape, directors play a crucial role in the management and decision-making processes of companies. They are responsible for the overall governance and success of the organization. The Companies Act, 2016, outlines the duties and responsibilities that directors must adhere to fulfill their roles effectively.
A director is an individual appointed or elected by the shareholders of a company to oversee its operations, make strategic decisions, and act in the best interest of the company and its stakeholders. Directors are entrusted with the responsibility of ensuring the long-term sustainability and growth of the organization.
Directors should be aware of their duties and responsibilities as it is important for them to form the foundation of corporate governance and ensure accountability within a company. These duties are designed to protect the interests of various stakeholders, including shareholders, employees, creditors, and the wider community. By fulfilling their duties, directors contribute to the overall stability and success of the company, enhancing the trust level and confidence among investors and stakeholders.
Malaysia Directors Duties and Responsibility Under Companies Act
5 minutesIn today’s corporate landscape, directors play a crucial role in the management and decision-making processes of companies. They are responsible for the overall governance and success of the organization. The Companies Act, 2016, outlines the duties and responsibilities that directors must adhere to fulfill their roles effectively.
A director is an individual appointed or elected by the shareholders of a company to oversee its operations, make strategic decisions, and act in the best interest of the company and its stakeholders. Directors are entrusted with the responsibility of ensuring the long-term sustainability and growth of the organization.
Directors should be aware of their duties and responsibilities as it is important for them to form the foundation of corporate governance and ensure accountability within a company. These duties are designed to protect the interests of various stakeholders, including shareholders, employees, creditors, and the wider community. By fulfilling their duties, directors contribute to the overall stability and success of the company, enhancing the trust level and confidence among investors and stakeholders.
