Edward Chia on Anti-Money Laundering and Other Matters Bill

Anti-money laundering regulations are intended to safeguard Singapore’s financial systems, but must not inadvertently create a heavier compliance load or foster negative perceptions of the country, said MP Edward Chia. He gave the example of proposed changes to make it easier for the Court to order the sale of seized properties under certain circumstances, without the consent of all parties. He said this may raise concerns about the increased risk of property seizures, which could deter legitimate investment and business. He noted that the psychology of foreign investors must be taken into account - they may come from societies with lower trust in the police and similar institutions, and therefore be worried about potential overreach. Mr Chia also said compliance officers must be given clear guidelines to ensure they do not take an overly conservative approach, and that the finance and real estate industries must be supported to level up and consistently apply compliance practices. He spoke in Parliament on Tuesday (Aug 6).