The US Treasury Department has rolled back requirements for beneficial ownership reporting for its citizens and domestic reporting companies, raising concerns of financial crime.

In response, financial forensic expert Raymon Ram urges Malaysia to make beneficial ownership information publicly accessible to strengthen transparency and prevent illicit financial flows.

Beneficial ownership refers to individuals or parties who are the ultimate owner or beneficiaries of a firm, which could be different from the registered owner in the case of shell companies used for illicit activities.

Currently, companies must reveal beneficial ownership to the Companies Commission of Malaysia (CCM), but...