Malaysia publishes CRS Regulations
10 January 2017
Malaysia had previously given a public commitment to join the second wave of jurisdictions adopting the Common Reporting Standard (“CRS”).
On 23 December 2016, the Attorney General's Chambers of Malaysia published the implementing Regulations to provide the statutory basis for Malaysian Financial Institutions (“FI”) who will have due diligence and reporting obligations.
Whilst the Regulations are effective from 1 January 2017, the commencement date for the introduction of new on-boarding requirements is 1 July 2017.
The first return will be due by 30 June 2018 and there is an obligation to provide a “nil” return in the event that an FI has no reportable accounts.
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