He Ting Ru on Anti-Money Laundering and Other Matters Bill

Money laundering can originate from any area within financialised assets including Single Family Offices, cryptocurrencies and fine art. MP He Ting Ru highlighted these three examples in Parliament on Tuesday (Aug 6) when she emphasised the need to legislate proactively to address the multiple potential entry points in money laundering, the rapid pace of financial innovation and the increasing complexity of corporate structures. Ms He also called for a comprehensive omnibus anti-money laundering Bill to consolidate and streamline existing regulations. This would simplify compliance for industry professionals and make the laws more accessible to the general public. The legislation should also be “future-proofed” by introducing the unifying principle of a duty of financial transparency, which is more proactive than the current suspicion-based reporting, said Ms He. She said this would ensure that Singapore does not become a place that “facilitates the obfuscation of funds”. Finally, she proposed allocating a portion of assets confiscated from money laundering to establish a whistle-blowing fund. This is to foster an environment where vigilance is valued and rewarded.