Singapore to amend company laws

Singapore

STEPPING up efforts to fight dirty money, Singapore plans to amend the company laws to make it an obligation for companies and limited liability partnerships (LLPs) to obtain and maintain information on beneficial ownership, said a senior minister.

Companies and LLPs will also be obligated to make the information available to law enforcement authorities upon request as part of Singapore's push to better meet international standards, said Senior Minister of State for Law and Finance Indranee Rajah. The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) are working on the details of the proposed "obligation" which will require amendments to the Companies Act and the Limited Liability Partnerships Act, she said in her opening address at the Securities Investors Association of Singapore's (SIAS) Investors' Choice Awards presentation ceremony on Friday.