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.
This story is from the Issue 106 edition of Singapore Business Review.
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This story is from the Issue 106 edition of Singapore Business Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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