The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) have proposed a Corporate Service Providers (CSP) Bill to strengthen regulations in the CSP sector and amend the Companies Act 1967 and Limited Liability Partnerships Act 2005 to improve transparency regarding beneficial ownership.
Background: ACRA previously announced plans to amend legislation to enhance regulation of the CSP sector and transparency of beneficial ownership.
Proposed Amendments: Key changes include:
- Mandatory registration for entities providing corporate services in Singapore.
- Compliance requirements for registered CSPs, including anti-money laundering measures.
- Fines for AML/CFT/PF breaches by CSPs and senior management.
- Restrictions on acting as nominee directors without registration and assessment.
- Disclosure requirements for nominee directors and shareholders.
- Increased fines related to Registers of Controllers, Directors, and Shareholders.
Public Consultation: The consultation period is from March 12 to March 25, 2024. Public can access documents on the REACH consultation portal and MOF website. Comments can be submitted via FormSG.
Summary of Response: MOF and ACRA will publish a summary of main comments received, ensuring respondent anonymity and not addressing every comment individually.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}