Members of the Upper House approved the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021.
The legislation seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to on August 18, 2017, and awaits an appointed day notice. It was passed with two amendments.
The Principal Act seeks to regulate international trust and corporate service providers to prevent the misuse of these business arrangements as vehicles for illicit ends, such as money laundering and terrorism financing.
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