Acra to roll out new training programme for corporate service providers

Singapore

THE local corporate regulator has taken further steps to prevent financial crime in Singapore, in the wake of a massive data leak on offshore trusts from Panama-based law firm Mossack Fonseca that has claimed political scalps in countries such as Iceland.

The Accounting and Corporate Regulatory Authority (Acra) will soon require corporate service providers (CSPs) in Singapore to undergo a new training programme aimed at reducing their vulnerability to "illicit activities such as money laundering and terrorism financing", it said in a press release on Tuesday.