New Anti-Money Laundering and Terrorism Financing Measures for Property Developers to be Implemented from 28 June 2023

24 March 2023

Property developers can soon expect to be subject to new requirements regarding anti-money laundering and terrorism financing (“AML“) measures. Earlier introduced in Parliament in 2018, these measures are now set to be implemented from 28 June 2023. The main measures are as follows:

Introduction of requirements for developers to facilitate the detection of money laundering and terrorism financing; and
Barring persons from being involved in developer activities if they have been previously convicted for money laundering and terrorism financing offences.

This Update provides a summary of the AML measures set to be implemented and highlights the key requirements which developers should be aware of.

For more information, click here to read the full Legal Update.

CONTACTS

Co-Head, Corporate Real Estate

+65 6232 0512

E elsa.chai@rajahtann.com

Singapore,

Co-Head, Corporate Real Estate

+65 6232 0693

E chou.ching@rajahtann.com

Singapore,

Senior Partner

+65 6232 0514

E norman.ho@rajahtann.com

Singapore,

Partner

+65 6232 0951

E gazalle.mok@rajahtann.com

Singapore,

Country

Singapore

EXPERTISE

Corporate Real Estate

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Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Singapore LLP. All rights reserved. Rajah & Tann Singapore LLP (UEN T08LL0005E) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability.