Zhulkarnain Abdul Rahim on Anti-Money Laundering and Other Matters Bill

Singapore has a comprehensive anti-money laundering regime centred around the three pillars of prevention, detection and enforcement, said MP Zhulkarnain Abdul Rahim. Speaking in Parliament on Tuesday (Aug 6), he said the Anti-Money Laundering and Other Matters Bill will help Singapore to continue to be responsive to new threats to its status as an international financial hub. He also sought clarifications on the Bill, including the measures to remove the requirement to trace back the assets or proceeds as benefits of criminal conduct overseas and the early sale of seized assets. He suggested setting aside a portion of forfeited assets to benefit the larger community by establishing some criteria or guidelines.