In a recent development, Singapore has indicated its intent to stiffen the regulations overseeing corporate-service facilitators, a move stemming from multiple incidents of money-laundering involving foreign nationals. The Asian financial hub’s new strategy encompasses a necessary registration for all agencies offering corporate services, including business creation, regulatory filings among others, both within and from Singapore.
The legal document detailing these changes was revealed on Tuesday. The registration will be administered by the Accounting and Corporate Regulatory Authority.
In addition to the registration requirement, the Singaporean government attempts to enforce stringent penalties to deter non-compliance with anti-money laundering norms. Companies and their top executives failing to comply with these rules could be penalised with fines reaching up to S$100,000 (US$75,140).
The unfolding of these measures reveal the efforts of Singapore to create a more transparent financial environment by diligent supervision of corporate-service providers, hence mitigating risks attached to money laundering and illegal financing.