Neil Parekh Nimil Rajnikant on Prevention of Proliferation Financing and Other Matters Bill

Singapore must uphold and strengthen the "trust premium" that it has built up over the years in offering a stable and transparent business environment, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Tuesday (Feb 6), he stressed the need for Singapore to continue to stay abreast of international developments to counter threats. To do so, Singapore needs robust policies in coordination within sectors to build capabilities in businesses, especially local small- and medium-sized enterprises (SMEs). He said the Prevention of Proliferation Financing and Other Matters Bill is necessary in strengthening Singapore’s fight against money laundering, terrorism financing and other financial crimes. He also sought clarifications on the Bill. He wanted to know how the Government would support businesses with compliance. He also wanted to know what key concerns had been raised by industry players - pawnbrokers and dealers in precious metals - in the Government’s consultation process.