© Khumaer.us
SINGAPORE has introduced a Bill to set out requirements for the real estate industry to act on suspected money laundering activities.
Tabled in Parliament on Friday (Mar 7), the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill seeks to amend three Acts – the Estate Agents Act 2010, the Housing Developers (Control and Licensing) Act 1965, and the Sale of Commercial Properties Act 1979.
A new section in the Estate Agents Act requires licensed estate agents or registered salespersons to conduct prescribed due diligence measures on individuals buying or selling properties who are not represented by a licensed estate agent or registered salesperson.
Such measures must be taken when the salespersons have a reason to suspect money laundering, proliferation financing or terrorism financing.
They also need to be carried out when the agents have a reason to doubt the veracity and adequacy of the information obtained from the counterparty during previous stages of due diligence.
The proposed amendments arose from recommendations made by the Financial Action Task Force, the global money laundering and terrorism financing watchdog.
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In 2024, an inter-ministerial committee chaired by Second Minister for Finance Indranee Rajah announced that the government would set out clearer real estate rules.
This was in the wake of the Republic’s largest money laundering scandal, involving more than S$3 billion in seized assets and the arrests and sentencing of 10 foreign nationals.
Previously, the committee noted that while the real estate sector already had clear guidelines and regulations, work needed to be done to help the industry understand the nature and execution of its anti-money laundering obligations.
For instance, real estate agents may require training in spotting signs of a suspicious transaction, and the process of reporting such transactions may need to be refined.
The other recommendations included providing more support to gatekeepers to enhance their capabilities to combat money laundering, as well as engaging with non-regulated sectors to raise their awareness of money laundering risks.
Lawmakers are expected to debate the Bill at the next sitting of Parliament.
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