Rahayu Mahzam on Prevention of Proliferation Financing and Other Matters Bill

Singapore is tightening controls over the financing of weapons of mass destruction or “proliferation financing” to comply with international requirements. A new Bill will align its regulatory regimes with updated global standards in four sectors - precious stones and precious metals dealers (PSMD), moneylending, pawnbroking and legal services. Businesses or individuals in these sectors will have to put in place adequate measures to counter proliferation financing. These could include performing risk assessment as well as developing and implementing internal policies and controls. The regulatory regime for PSMDs in particular will also be strengthened. For example, by updating the definition of “precious product” to include those whose value can be attributed to factors such as branding or workmanship. A new offence will also be introduced for regulated dealers who submit incomplete or inaccurate cash transaction reports without reasonable excuse. Changes are also mooted to improve operational effectiveness in regulating PSMDs. The details were outlined by Senior Parliamentary Secretary for Law Rahayu Mahzam in Parliament on Monday (Feb 5).