Louis Ng on Prevention of Proliferation Financing and Other Matters Bill

The Prevention of Proliferation Financing and Other Matters Bill will help Singapore to comply with the requirements on assessing the risk of proliferation financing and take measures to mitigate these risks, said MP Louis Ng. Speaking in Parliament on Monday (Feb 5), he sought clarification on the Government's approach to prevent proliferation financing, anti-money laundering and counter-terrorism financing. Mr Ng wanted to know if proliferation financing will be incorporated into Singapore’s national strategy for countering terrorism financing-related activities. He also wanted to know how the Government is incorporating the safeguards as a coherent approach to prevent fragmentation. Mr Ng stressed the importance of ensuring effective implementation of the safeguards on the ground. He said robust safeguards are important due to the seriousness of the threat posed by proliferation financing. However, overly strict safeguards can be counterproductive if entities do not have the capacity to ensure meaningful compliance, he said. He wanted to know what steps will be taken at the industry level to ensure that the safeguards do not become a “box-checking exercise”.