Singapore Parliament debates Anti-Money Laundering Bill to enhance law enforcement capabilities.
Singapore's Parliament debates an Anti-Money Laundering Bill to strengthen law enforcement agencies' ability to fight money laundering. The proposed legislation amends existing laws, enabling authorities to sell seized property if it depreciates or involves undue costs, and lowers the threshold for customer due-diligence checks. The Bill also designates foreign environmental crimes as money laundering predicate offenses and includes measures to align with the Financial Action Task Force standards. Second Minister for Home Affairs, Josephine Teo, emphasizes the importance of strengthening Singapore's AML/CFT regime.
August 06, 2024
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