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Beneficial-ownership laws will increase transparency, Australian government says

( November 15, 2024, 01:45 GMT | Official Statement) -- MLex Summary: Companies doing business in Australia would be forced to disclose their owners, under a proposal put forward by the government. In a statement accompanying draft legislation, Assistant Treasury Minister Andrew Leigh said that amendments to the 2001 Corporations Act were designed to “close a substantial loophole that allows sophisticated investors to use complex financial products to mask their interests in some of our most significant listed companies.” A proposed open register of ownership will show who ultimately owns, controls or receives profits from a company or legal vehicle operating in Australia, Leigh said.The draft legislation is attached, along with explanatory material and consultation questions; the full statement from Andrew Leigh follows:...

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