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Singapore's corporate regulator proposes amendments to boost anti-money laundering regime

( June 1, 2022, 06:25 GMT | Official Statement) -- MLex Summary: Singapore's corporate regulator is proposing amendments aimed at improving the country's compliance with the recommendations of the Financial Action Task Force, particularly by addressing the misuse of nominee arrangements in the creation of shell companies to facilitate money laundering. The proposed amendments, which are open for public feedback, include a new bill requiring all entities providing corporate secretarial services in and from Singapore to register with the Accounting and Corporate Regulatory Authority, regardless of whether they need to transact with the regulator. They also include new and higher penalties, requirements to screen customers and submit suspicious transaction reports, and requirements for individuals who act as nominee directors to be qualified persons.The full statement follows and the proposed amendments are attached....

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