NO&T Asia Legal Review
Background
In compliance with India’s obligations to align its regulatory framework with the recommendations of Financial Action Task Force, an intergovernmental organisation constituted to formulate policies to combat money laundering and terror financing, the Ministry of Corporate Affairs, in June 2018, notified Section 90 of the Companies Act, 2013 (“Companies Act”) and also introduced the Companies (Significant Beneficial Owners) Rules, 2018 (the “SBO Rules”).
Similar to other jurisdictions, the intent behind introduction of the SBO Rules is to prevent use of companies as mere conduits for money laundering or other illegal activities and to bring transparency regarding the ultimate ownership of companies.
Chattong Sunthorn-opas, Thunsinee Sungmongkol (Co-author)
Ario Putra Pamungkas
Long Nguyen
Rashmi Grover
Chattong Sunthorn-opas, Thunsinee Sungmongkol (Co-author)
Long Nguyen
Rashmi Grover
Anastasia Jessica Maureen
Chattong Sunthorn-opas, Thunsinee Sungmongkol (Co-author)
Ario Putra Pamungkas
Rashmi Grover
(December 2024)
Hiromi Hattori, Yuichi Miyashita (Co-author)
Yuan Yao Lee
Chattong Sunthorn-opas, Thunsinee Sungmongkol (Co-author)
Yothin Intaraprasong, Yosuke Konno, Naruenad Charoenpakdee, Thunyapuck Saicharoen (Co-author)
Ario Putra Pamungkas
