Yip Hon Weng on Prevention of Proliferation Financing and Other Matters Bill

This Prevention of Proliferation Financing and Other Matters Bill represents a critical step forward in aligning Singapore's regulatory framework with evolving global standards, said MP Yip Hon Weng. Speaking in Parliament on Tuesday (Feb 6), he stressed the need to remain thoughtful of potential regulatory overreach and ensure that the new powers for the Registrar are judiciously scoped. Mr Yip pointed out that the transitional arrangements also demonstrate pragmatism in avoiding excessive disruption to businesses. This Bill signifies the commitment to safeguarding the integrity of Singapore's financial system against illicit activities, he said. He expressed confidence that it will strengthen Singapore’s defences against money laundering, terrorism and proliferation financing. He stressed the need to ensure that the expanded regulations are implemented effectively and fairly, balancing the need to counter illicit finance with the well-being of small businesses like small- and medium-sized enterprises (SMEs). He wanted to know how the Registrar would ensure that the new powers are not abused and whether the Registrar would receive additional resources. Mr Yip raised concerns that small businesses like SMEs could be disproportionately affected by the compliance costs. He wanted to know what kind of support would be provided to newly regulated businesses like jewellers. He urged the Government to give sufficient them lead time to adapt.