Singapore proposes to strip money launderers of directorships
(Bloomberg) — Singapore is considering stripping directorships from persons who have been convicted of money-laundering offences in the city state after a S$3-billion (US$2.34 billion) scandal that dented the Southeast Asian country's reputation as a global financial centre.
The government is seeking feedback on such a proposal from the public as it contemplates changes to several legislations, including the Companies Act 1967, the Ministry of Finance and the Accounting and Corporate Regulatory Authority said in a request for public comments on Monday.
Among the proposed changes is a suggestion to allow ACRA to share audit information with overseas audit regulators. The amendments aim to prevent misuses of companies for unlawful purposes as well as to safeguard shareholders' interests, the agencies said. The public can submit their comments until 31 July.
The move is expected to strengthen Singapore's anti-money laundering regime after the the scandal that unfolded in 2023. The Monetary Authority of Singapore imposed composition penalties of S$27.5 million on nine financial firms, including Credit Suisse's Singapore branch and Citibank Singapore, for anti-money-laundering breaches.
One of the suspects named in the case, Wang Junjie, was a director at several companies related to some of those arrested. Wang was charged in January with offences related to falsifying accounts and representations.
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