Assistant Minister for Competition Andrew Leigh speaks to the media in Belmore, Sydney, Australia, on April 24, 2019. AAP Image/Joel Carrett
New laws will soon give Australians access to determining who really owns and controls a company, according to the federal government.
Currently, the law requires that companies maintain a register of their members or shareholders. But often the company can be controlled by what is known as a “beneficial owner”—a person who ultimately owns or controls it, even if legal ownership is held by another person or entity.
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