Yip Hon Weng on Bills to strengthen Singapore’s anti-money laundering regime

By regulating corporate service providers, Singapore is taking a significant step towards safeguarding its economy from the perils of money laundering, proliferation and terrorism financing, which are critical for maintaining national and international financial integrity, said MP Yip Hon Weng. These Bills are Singapore's commitment to ensure that companies operate within a framework that is not just stringent, but also just. Mr Yip said that by establishing high standards of regulation, Singapore is not only fortifying its defences against financial crimes but is also enhancing its attractiveness as a premier business hub. Mr Yip said increased trust and transparency is a critical step in safeguarding Singapore's financial system against misuse and in preserving the sanctity of its economic sovereignty. Speaking in Parliament on Tuesday (Jul 2), Mr Yip also sought clarifications on the Bills. He wanted to know how the Bills will concretely improve transparency and accountability.