Neil Parekh Nimil Rajnikant on Anti-Money Laundering and Other Matters Bill

The Anti-Money Laundering and Other Matters Bill seeks to send a strong signal to the international community that Singapore is fully committed to combating money laundering, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Tuesday (Aug 6), he believes the measures can improve trade relations with other countries as partners will have greater trust in Singapore's regulatory framework and protect legitimate businesses from being undermined by unfair competition from entities engaged in money laundering. He also believes the Bill may lead to the development of new services and products in the financial sector, such as advanced compliant software consulting services and anti-money laundering and counter-terrorism financing training programmes, as well as spur innovation in regulatory technology to help businesses comply. He also raised concerns over the financial burden of compliance, especially for small- and medium-sized enterprises, as well as the fear that overly stringent regulations might stifle innovation and entrepreneurship. He wanted to know if there are exemptions for small businesses or specific sub-sectors and transitional provisions to help businesses adjust.