Come 28th of June this year, the government of Singapore is introducing new anti-money laundering and anti-terrorism financing measures for property developers and for good reason.
In 2016, two real estate agents were fined for failing to report suspicious property transactions: one involving a a bungalow in Sentosa Cove worth $23.8m and another involving a new condominium unit. Both agents dealt with individuals who were later found guilty of conducting illegal activities. Making sure such incidents don't happen again and to keep up with international standards, Singapore is dead set on tightening up regulations.
"Given the vibrancy of the real estate market in Singapore, the importance of having effective laws and regulations in place to safeguard against the occurrence of any ML or TF activities is well-recognised," Pat Lynn Leong, senior partner at Dentons Rodyk, told the Singapore Business Review.
The requirements
Under the new measure, developers will be required to perform risk analysis, carry out customer due diligence (CDD) measures, report suspicious transactions, and keep records for five years.
In performing risk analysis, Leong said developers must consider looking into "the profile of their purchasers and the countries which they are from or in."
Gazalle Mok, partner at Rajah & Tann, said developers should also implement internal programmes and measures that include internal audits to test and monitor the policies, procedures and controls, with a corresponding duty to enhance them if necessary.
Esta historia es de la edición Issue 104 de Singapore Business Review.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición Issue 104 de Singapore Business Review.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
IHH's proton therapy takes aim at tumours with precision and low risk
Leaving surrounding organs at risk during cancer treatment might become a thing of the past.
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
Singapore's architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Millionaires eye a piece of Singapore's rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
