Derrick Goh on Anti-Money Laundering and Other Matters Bill

The Anti-Money Laundering and Other Matters Bill will further align Singapore’s defences against money laundering with international best practices and represents progress in safeguarding the country’s financial integrity, said MP Derrick Goh. Speaking in Parliament on Tuesday (Aug 6), he said that taken together with past amendments, the proposed changes underscore an unwavering whole-of-Government emphasis on strengthening Singapore’s anti-money laundering regime. He also sought clarifications on the Bill. On the enhanced levers for prosecution of cases, he asked about further plans to boost international cooperation for more robust investigations and asset recovery, and whether these would impact the likelihood of asset recovery for Singaporean victims. He also asked about the value and number of money laundering cases from environmental crimes that could have been pursued in the past five years had this legislation been in place, and whether this law would be applied retrospectively.