OTHER CHANGES WEREREQUIRED.
A regulation control, according to experts, is not a “watertight” option and is only one way to improve Singapore’s anti-money laundering system.
According to them, latest court cases have raised concerns about the lack of diligence among business service providers. For instance, the Singaporean with 980 consultancies only looked up his users ‘ connections to legal studies through quick online searches.
According to Mr. Lee of Kennedys Legal Solutions, “it’s critical to raise business service provider standards as well as awareness of potential abuse by bad actors.”
When companies take on new clients, these can be accomplished by requiring more training or establishing “prescriptive demands on what needs to be done for expected devotion.”
He continued,” These will be items that they need to confirm and sign off, and that will make people realize it is no longer business as usual.”
According to Mr. Lee, this due diligence also needs to remain a constant process.
As a producer or company secretary, it is your responsibility to be aware of what is going on and to ask questions along the way.” Someone may come to you and move the litmus check at the start.”
” Sorry, we may remain providing services to you because there are factors for us to believe that your hobbies are something that we are not comfortable with,” says the speaker.” You need people who are properly equipped with the proper training to claim. ”
In a similar vein, Prof. Loh suggested implementing initiatives to inform commercial services providers of the best due diligence procedures. But in order to avoid placing undue pressure on the business, he urged that these initiatives be carried out gradually.
A code of conduct on owing diligence can be used as a starting point. A trust level may be given to those who demonstrate their compliance. Procedures like accreditation and licensing may become introduced over time.
” Corporate service companies do provide a useful function for the business, and we should never immediately punish all of them,” Prof. Loh said, acknowledging the need for better oversight of these businesses.
ACRA is considering increasing the penalties on accidental business services providers and mandating that all such businesses register as part of the ideas it will be tabling in parliament to strengthen Singapore’s anti-money laundering program.
These new parliamentary proposals, according to Ms. Ho, “are a step in the right direction” to fight money laundering, but she urged more regulations to stop the establishment of unlicensed tank companies.
Financial institutions, for instance, need to conduct regular and thorough reviews of dealings carried out by their business customers in order to be more aware of the true motivations behind them. ”