Neil Parekh Nimil Rajnikant on Bills to strengthen Singapore’s anti-money laundering regime

The Bills mark significant strides to solidify Singapore's regulatory landscape, aiming to enhance transparency, combat illicit financial activities and maintain Singapore's reputation as a trusted global financial hub, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Tuesday (Jul 2), he pointed out that the proposed changes could also bring about challenges to businesses and owners. Firstly, they introduce increased administrative burden for businesses to comply with. Secondly, the additional financial costs associated with compliance will be substantial. Thirdly, stricter regulations might also result in fewer service providers meeting the new criteria. He wanted to know more about the additional information which will be required for the registration and renewal of corporate service providers. He also asked if businesses would be given financial support to ease the increased costs from operational disruptions, and what constitutes adequate supervision. He stressed the need for clarity upfront to ensure that corporate service providers comply with the regulatory standards.