Corporate Registers Bill: Amendments passed to combat money laundering, terrorism financing

In Parliament on Jan 10, laws were amended to combat money laundering and terrorism financing. Firms are now required to keep a public register of nominee shareholders. This will provide more transparency, as a nominee shareholder typically acts on the instructions of the nominator. Local companies will need to update the register within seven days of being informed by the nominee shareholder, while foreign companies will have to do it in 30 days. Second Minister for Finance Indranee Rajah said this is unlikely to increase compliance costs.

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