Neil Parekh Nimil Rajnikant on Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
A bill to clarify and enhance due diligence requirements against money laundering activities in the real estate sector is necessary and timely, and its phased approach balances urgency with realism, said NMP Neil Parekh Nimil Rajnikant. At the same time, it poses challenges and costs that could be prohibitive for companies, especially SMEs; while also giving rise to new opportunities in regulatory technology, which could help strengthen Singapore’s workforce in areas that are globally relevant. Mr Parekh made these points in parliament on Tuesday (Apr 8). He sought clarifications on several matters, including enforcement when digital platforms or cross-border transactions are involved, the possibility of scaled compliance measures or support initiatives for SMEs, and how stricter checks might affect legitimate foreign investment.
A bill to clarify and enhance due diligence requirements against money laundering activities in the real estate sector is necessary and timely, and its phased approach balances urgency with realism, said NMP Neil Parekh Nimil Rajnikant. At the same time, it poses challenges and costs that could be prohibitive for companies, especially SMEs; while also giving rise to new opportunities in regulatory technology, which could help strengthen Singapore’s workforce in areas that are globally relevant. Mr Parekh made these points in parliament on Tuesday (Apr 8). He sought clarifications on several matters, including enforcement when digital platforms or cross-border transactions are involved, the possibility of scaled compliance measures or support initiatives for SMEs, and how stricter checks might affect legitimate foreign investment.
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