Rahayu Mahzam on anti-money laundering measures for foreign entities

The Accounting and Corporate Regulatory Authority (ACRA) has implemented a register of registrable controllers for companies, foreign companies and limited liability partnerships. This will make the ownership and control of such entities more transparent and reduce opportunities for the misuse of such entities for illicit purposes. Foreign entities that carry on or intend to carry on business in Singapore are already required to be registered with ACRA and would be subject to existing requirements to file information on their beneficial owners. Senior Parliamentary Secretary for Law Rahayu Mahzam said this in reply to an MP's question in Parliament on Wednesday (Oct 5). She also said professionals involved in the buying, selling and transfer of real estate, such as agents and lawyers, are required to address the money laundering and terrorism financing risks. Enhanced measures, such as the UK's Register of Overseas Entities, are being assessed by agencies here.