Saktiandi Supaat on Anti-Money Laundering and Other Matters Bill

The inter-ministerial committee reviewing Singapore’s anti-money laundering (AML) regime is due to give its findings and recommendations in the fourth quarter of the year. Why then is the Anti-Money Laundering and Other Matters Bill being tabled before that, asked MP Saktiandi Supaat in Parliament on Tuesday (Aug 6). He said Singapore must avoid “a knee-jerk reaction” to the S$3 billion money laundering case and balance responsive measures with the consideration that there are legitimate businesses and fund flows which must not be unduly impeded. Considering its AML strategy after the committee’s report would enable a more holistic update of the regime and allow investors to review their operations and compliance policies more efficiently and cost-effectively, he said. Mr Saktiandi asked if the Government could give assurances that the new laws will not deter legitimate investments or lead to higher compliance costs and layers in the financial sector. He also spoke about proposals for wider sharing of tax and trade data with law enforcement agencies, and of Suspicious Transaction Reports with sectoral regulators. He asked if there is merit in setting up a central coordination point similar to the Anti-Scam Centre for scam-fighting efforts.