A Report by CYS Global Remit Legal & Compliance Office
To strengthen efforts against money laundering, Singapore has introduced new laws to enhance data sharing among government agencies. The Anti-Money Laundering and Other Matters Bill, first read in Parliament on July 2, proposes several key amendments:
Data Sharing: Allows the Inland Revenue Authority of Singapore and Singapore Customs to share tax and trade data with the Suspicious Transaction Reporting Office (STRO) for faster investigations.
Regulator Access: Grants regulators like the Council for Estate Agencies (CEA) and the Accounting and Corporate Regulatory Authority (ACRA) access to suspicious transaction reports filed by property agents and corporate service providers.
Asset Sales: Enables courts to order the sale of assets without all parties' consent if it serves justice, the asset's value is likely to depreciate, or maintenance costs are excessive.
Property Claims: Prevents absconded suspects from claiming seized properties without presenting themselves to law enforcement.
Casino Oversight: Proposes lowering the threshold for mandatory checks by casino operators on large cash transactions from $10,000 to $4,000 and empowers the Gambling Regulatory Authority to issue further regulations.
Stay tuned for more updates from CYS Global Remit as we continue to monitor and adapt to regulatory changes that enhance our financial system's integrity and security.
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