Singapore passes Bill to strengthen laws against financing of weapons of mass destruction

Singapore passes Bill to strengthen laws against financing of weapons of mass destruction

Singapore passed amendments to existing laws on February 6 to tighten restrictions on funding for development, or financing intended to avoid sanctions and the proliferation of WMD.

Singapore would be able to comply with updated requirements set forth by the Financial Action Task Force ( FATF), a global watchdog on money laundering and terrorism financing, thanks to the changes proposed under the Prevention of Proliferation Financing and Other Matters Bill. Singapore has been a part of the FATF since 1992, and the work force’s president is currently&nbsp.

In violation of national laws or international obligations, development funding is the work of providing funds or monetary services for the production, acquisition, hands, development, export, transshipment, transport, transfer, stockpiling, and use of nuclear, chemical, or biological weapons and their means of delivery and related materials.

Countries and the private sector has evaluate and mitigate spread financing risks related to the “potential breaches, non-implementation or avoidance” of qualified economic sanctions under the new standards set out by the FATF in 2020.

The Law Ministry’s ( MinLaw ) Senior Parliamentary Secretary Rahayu Mahzam stated as she tabled the Bill for a second reading that the FATF also noted the crucial role played by other non-financial sectors in combating flows of dirty money.

Dealing in beautiful gems and metals, moneylending, pawnbroking, and offering legal services are some of the business routines in these industries.

According to Ms. Rahayu, MinLaw often reviews our legislation as a regulator of these industries to make sure they are up to date, efficient, and fully compliant with the FATF’s most recent international standards.

As a result, the Bill amended four laws, including the Moneylenders Act, Pawnbrokers Act and the Legal Profession Act as well as the Precious Stones and Precipious Metals ( Prevention of Money Laundering and Terrorism Financing ) Act.

The Bill called for reformulating these industries’ regulatory frameworks and mandating that companies or individuals covered by the Acts take appropriate action to stop the funding of development.

Risk evaluation, as well as creating and putting into practice domestic policies, procedures, and controls, are a few cases of the measures.

The Bill included amendments, among other things, that would make it illegal for people who had previously been found guilty of crimes involving the prevention of economic crimes to obtain licenses or hold management positions in moneylending and pawnbroking organizations.