Jamus Lim on Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill
Proposed changes in the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill appear to be merely marginal, and that may be because there is already a robust set of laws in place to ensure proper due diligence of real estate transactions, said MP Jamus Lim. In parliament on Tuesday (Apr 8), he questioned if failures identified in the S$3 billion money laundering case were more a question of execution falling short rather than the legal framework; if not, what laws would be necessary and why had they not been proposed? Assoc Prof Lim said he believes what is required is a “steely-eyed focus on ensuring enforcement and compliance” to stamp out so-called 'Singapore-washing'.
Proposed changes in the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill appear to be merely marginal, and that may be because there is already a robust set of laws in place to ensure proper due diligence of real estate transactions, said MP Jamus Lim. In parliament on Tuesday (Apr 8), he questioned if failures identified in the S$3 billion money laundering case were more a question of execution falling short rather than the legal framework; if not, what laws would be necessary and why had they not been proposed? Assoc Prof Lim said he believes what is required is a “steely-eyed focus on ensuring enforcement and compliance” to stamp out so-called 'Singapore-washing'.
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