Guidance (Directive No. 17/2019) concerning the beneficial ownership disclosure requirements is effective 1 January 2020.
“Beneficial ownership” is defined as those natural persons who ultimately own or control a customer or the natural person on whose behalf a transaction is being conducted. The term also refers to those persons who exercise ultimate effective control over a legal entity or arrangement (thus including companies, partnerships, associations and trusts or similar arrangements).
For these purposes, a beneficial owner is any individual who:
All legal entities and legal arrangements must obtain and keep records about their beneficial ownerships and then must submit the required information to the tax authorities and to the Directorate of Investment and Company Administration (DICA). Furthermore, all legal entities and legal arrangements must cooperate with the competent authorities with respect to determining the beneficial owner by authorising one or more natural persons resident in Myanmar to provide all basic information and available beneficial ownership information, and giving further assistance to the authorities, or by authorising a designated non-financial business and professions in Myanmar to provide the beneficial ownership-related information.
Information and records must generally be retained for five years. A failure to comply can be subject to penalties pursuant to the anti-money laundering law.
Read a January 2020 report [PDF 563 KB] prepared by the KPMG member firm in Myanmar
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