Neil Parekh Nimil Rajnikant on Mutual Assistance in Criminal Matters (Amendment) and Other Matters Bill

Amendments proposed in a new Bill aim to bolster Singapore’s framework for international cooperation in criminal matters. This will strengthen the country’s role in the global fight against financial crimes, likely reinforcing its position as a trusted financial centre. NMP Neil Parekh Nimil Rajnikant made these points in Parliament on Monday (Nov 11). However, he highlighted challenges that may arise. These include higher compliance and operational costs, especially for financial institutions and businesses, with smaller firms potentially being pushed out of the market. Singapore will also have to carefully balance international cooperation with clients’ data privacy, he said, if it is to maintain its attractiveness as a financial hub. Finally, Mr Parekh said the amendments will only be effective if there is reciprocal commitment from other jurisdictions.