Yip Hon Weng on Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
Strengthening Singapore’s defences against financial crime is a critical national priority and the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill is a significant step in safeguarding the country’s financial system and housing market from exploitation, said MP Yip Hon Weng. Speaking in parliament on Tuesday (Apr 8), he noted that small estate agents will need targeted support so they are not disproportionately burdened by compliance costs. He added that enforcement will have to be robust and proactive, not just “a box-ticking exercise”. Finally, he called for consumer education to be strengthened so that buyers, sellers and landlords all understand their responsibilities in preventing financial crime.
Strengthening Singapore’s defences against financial crime is a critical national priority and the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill is a significant step in safeguarding the country’s financial system and housing market from exploitation, said MP Yip Hon Weng. Speaking in parliament on Tuesday (Apr 8), he noted that small estate agents will need targeted support so they are not disproportionately burdened by compliance costs. He added that enforcement will have to be robust and proactive, not just “a box-ticking exercise”. Finally, he called for consumer education to be strengthened so that buyers, sellers and landlords all understand their responsibilities in preventing financial crime.
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