Singapore Business Review has curated a list of critical measures likely to impact business and investors in 2024. One of the measures is the “Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Bill” which regulates the flow of funds arising from criminal activities.
One of the measures will screen investments in entities critical to Singapore ’s national security . Collaborating with lawyers from top firms in the country, Singapore Business Review has curated a list of critical measures which are likely to impact business and investors alike in 2024.
First on the list is the “Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) (Amendment) Bill” (CDSA) which 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.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 o
Singapore Investments National Security Corruption Drug Trafficking Serious Crimes Confiscation Of Benefits Amendment Bill Money Laundering Money-Laundering Scandal
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