Tighter Legal Controls on Corporate Service Providers

Laws aimed at anti-money laundering (“AML”), countering the financing of terrorism (“CFT”), and countering the proliferation of weapons of mass destruction (“PF”) recently came under increased scrutiny in light of the S$3 billion money laundering incident in Singapore earlier this year.

Upon review and public consultation by the Ministry of Finance (“MOF”) and Accounting and Corporate Regulatory Authority (“ACRA”) on the legislation administered by ACRA, the (i) Corporate Service Providers (“CSP”) Bill, (ii) Companies and Limited Liability Partnerships (Miscellaneous Amendments) (“CLLPMA”) Bill, and (iii) ACRA (Registry and Regulatory Enhancements) (“ACRA RRE”) Bill were passed by Parliament on 2 July 2024.

This article highlights key legal updates under these Bills in relation to AML, CFT, and PF.

READ THE ARTICLE HERE

This article is produced by our Singapore office, Bird & Bird ATMD LLP. It does not constitute legal advice and is intended to provide general information only. Information in this article is accurate as of 18 July 2024.