Yip Hon Weng on ACRA (Registry and Regulatory Enhancements) Bill

Singapore is an established international financial centre and aspires to be a leading global financial centre in the world, but it has recently been hit by a series of high-profile money laundering cases, said MP Yip Hon Weng. The ACRA (Registry and Regulatory Enhancements) Bill will tighten and enhance Singapore’s measures which will hopefully minimise such cases, he added. Speaking in Parliament on Tuesday (Jul 2), Mr Yip stressed the need to improve investor confidence in Singapore in a world increasingly fraught with uncertainty, especially with digitalisation and cybercrimes. Ensuring that information collected is updated is a critical part of this process, he said. He stressed the need for digital inclusion and ensuring a smooth transition for all stakeholders, including those with limited digital literacy or Internet access and small- and medium-sized enterprises. The Bill must have robust data protection measures aligned with international best practices to safeguard against breaches and misuse, he said. Mr Yip also stressed the need for long-term effectiveness and called for a plan to monitor and evaluate the long-term impact of these changes so that they will achieve their objectives without unintended consequences. He urged the Government to provide a clear implementation plan with support mechanisms for businesses to ensure that Singapore remains a competitive and compliant global financial centre.