Section 18Part 3 — Beneficial Ownership RegisterAmended
Consequences of failing to disclose beneficial ownership
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Amended by Supplement No. 1, Gazette No. 3 of 2026 on 23 Jan 2026 — commenced 21 Jan 2026 (Supplement No. 1, Gazette No. 3 of 2026)
If a legal person’s corporate services provider is of the opinion that the legal person —
has failed to comply with section 8 or 1 4 without reasonable excuse; or
has made a statement regarding matters relevant to this Act to the corporate services provider that is false or misleading, the corporate services provider shall give notice of this to the legal person.
On receipt of a notice under subsection (1), the legal person shall provide the corporate services provider with —
the missing r equired particulars under section 1 2 pertaining to registrable beneficial owners , in the case where the notice refers to the matter set out in subsection (1)(a) ; and
a justification and a correction respecting any statement identified as being false or misleading in the notice , in the case where the notice refers to the matter set out in subsection (1)(b) .
If the legal person fails to provide the missing particulars referred to in subsection (2)
by the end of the period of thirty days beginnin g with the date of receipt of the notice, the corporate services provider shall — ( a ) subject to section 19, issue a restrictions notice to the legal person whose particulars are missing with regard to the shares or other relevant interest; and
send a copy of the restrictions notice to the competent authority within fourteen days of issuing it.
If the legal person fails to provide the justification and correction referred to in subsection (2)(b) by the end of the period of thirty days beginning w ith the date of receipt of the notice, the corporate services provider shall —
subject to section 19, issue a restrictions notice to the legal person; and
send a copy of the restrictions notice to the competent authority within fourteen days of issuing it.
If a legal person’s corporate services provider is of the opinion that —
the notice under section 8 or 14 was served by the legal person; and
the legal person has not received compliance with the notice served under section 8 or 14, the corporate services provider shall, subject to section 19, issue a restrictions notice to the legal person concerning a relevant interest in that legal person, and shall send a copy of the restrictions notice to the competent authority within fourteen days of issuing it.