PROFESSIONAL SERVICES
Singapore Business Review has curated a list of critical measures that are likely to impact business and investors alike in 2024, particularly against criminal activities and workplace discrimination.
“Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Bill” (CDSA)
This bill regulates and addresses “the flow of funds arising from criminal activities, such as drug trafficking and corruption as well as money laundering.”
Recently, Singapore was rocked by its biggest money-laundering scandal to date which led to the arrest of 10 foreigners and seizure of more than $2.8b (US$2.1b) of assets that included 152 properties. The bill, however, was discussed in the Parliament even before the scandal broke out.
Keith Tnee, senior partner at Tan Kok Quan Partnership, said the amendments in the new bill seeks to address instances “where people may retain, control, have access to funds, which are the fruits of such criminal activities, which they either know or should have known of.”
“It seeks to extend the scope [of the older bill] to people who may negligently failed to investigate into the provenance of these offenses,” Tnee added.
Denne historien er fra Issue 106-utgaven av Singapore Business Review.
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Denne historien er fra Issue 106-utgaven av Singapore Business Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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.
