New order fortifies Companies Act provisions

The Ministry of Finance and Economy (MoFE) yesterday announced that His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam has consented to the introduction of the Companies Act (Amendment) Order, 2020 and Companies (Register of Controllers and Nominee Directors) Rules, 2020 with effect from October 31, 2020.

The Companies Act (Amendment) Order, 2020 will further strengthen the provisions of the Companies Act (Chapter 39).

The amendments include the requirement to obtain information about the legal ownership and the control structure of the company, such as the beneficial owner and the ultimate owner in a local company or a foreign company.

This requirement is in line with Recommendation 24 of the Financial Action Task Force (FATF) which outlines measures to combat money laundering, terrorism financing and also proliferation of weapons.

Further information regarding the Companies Act (Amendment) Order, 2020 and Companies (Register of Controllers and Nominee Directors) Rules, 2020 are available on www.mofe.gov.bn. The amendments and the rules can be downloaded from the Attorney General’s Chambers website at www.agc.gov.bn.