Desmond Choo on Bills to strengthen Singapore’s anti-money laundering regime

Singapore must protect its financial sector from illicit activities, as well as strengthen global investors’ confidence in the country, said MP Desmond Choo. The Corporate Service Providers Bill is timely as it aims to strengthen the regulatory regime governing corporate service providers (CSPs), he added. Speaking in Parliament on Tuesday (Jul 2), Mr Choo noted that the Bill ensures that CSPs rigorously adhere to protocols aligned with international standards and ensures there are key gatekeepers against money laundering, serving as part of Singapore’s first line of defence. Turning to the need to complete prescribed courses or training, Mr Choo said sufficient time should be provided for CSPs to meet such requirements. He said the labour movement is ready to partner with the Accounting and Corporate Regulatory Authority to deliver these courses. Mr Choo urged the Government to consider training subsidies so that more people can attend such courses at affordable rates.