The Business Times
business-time-50

New Acra anti-money laundering rules musn’t hamper ease of doing business in Singapore, say industry players

google-preferred-sourceAdd BT as a preferred source
Megan Cheah

Megan Cheah

Published Wed, Nov 1, 2023 · 05:00 AM
    • The government says the Accounting and Corporate Regulatory Authority will strengthen its AML regime for corporate service providers.
    • The government says the Accounting and Corporate Regulatory Authority will strengthen its AML regime for corporate service providers. PHOTO: BT FILE

    CORPORATE service providers said they welcome upgrades to Singapore’s anti-money laundering (AML) regime, but hope regulators would bear in mind that the system is “not broken”.

    Singapore already has several restrictions and requirements in place that are working as intended, they added, pointing to the recent arrest of 10 individuals who are allegedly part of a web of money launderers.

    Following the charge of those individuals in court, the government said the Accounting and Corporate Regulatory Authority (Acra) will strengthen its AML regime for corporate service providers.

    Money launderingACRAboardroom limitedBoard of DirectorsRegulationSpotlight

    TRENDING NOW

    (From left) Dushan county’s ambitious Shuisi Building project and an unfinished, full-scale replica of the Titanic in Daying county.

    Abandoned ‘Titanic’, failing ‘ancient towns’: Why China’s tourism boom leaves white elephants behind

    David Rubenstein, co-founder and co-chairman of The Carlyle Group, warns against “just trying to do deals for the purpose of doing deals, as opposed to getting high rates of return”.

    Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein

    DPM Gan Kim Yong says MAS will remove the 5 per cent cap on physical investment precious metals under the tax incentive schemes for funds.

    Singapore to establish over-the-counter gold clearing system, central bank vaulting by end-2026

    “Findings suggest that roles are being reconfigured, rather than phased out, as demand for AI-related jobs rose,” the PwC report noted.

    Singapore public sector commands highest AI salary premium as job postings surge: PwC study

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More