In a decisive move to strengthen its anti-money laundering (AML) framework and align with global standards, the Singapore Government has passed a series of amendments targeting estate agents, housing developers, and commercial property sellers. The updates, which come in response to key recommendations from the Financial Action Task Force (FATF), mark a significant evolution in the regulatory landscape for the city-state’s property market.
The amendments span three key pieces of legislation: the Estate Agents Act 2010, the Housing Developers (Control and Licensing) Act 1965, and the Sale of Commercial Properties Act 1979. Together, they aim to reinforce Singapore’s commitment to combating illicit financial flows, particularly in sectors vulnerable to abuse such as real estate.
Key Legislative Enhancements
One of the most notable updates is the expansion of due diligence obligations to explicitly include proliferation financing (PF) risks—where funds may be used to support the development or spread of weapons of mass destruction. This move brings Singapore in line with FATF guidance on addressing PF as a distinct and rising threat.
The law now requires counterparty due diligence for all real estate transactions. Estate agents and developers must conduct thorough checks not only on clients but also on the source and purpose of funds. The AML measures also introduce record-keeping obligations, enabling better traceability of transactions and facilitating investigations.
In a firm stance on enforcement, the revised bill introduces financial penalties for licensed estate agents and salespersons who fail to comply with AML rules. These penalties are part of a broader suite of sanctions that now also encompass terrorist financing and proliferation financing, expanding the scope of financial crimes covered under Singapore’s AML regime.
Implications for the Real Estate Sector
Industry professionals are urged to update their internal compliance systems and ensure staff are trained on the new requirements. These changes are expected to impose a heavier compliance burden, particularly on smaller agencies and developers, but are widely seen as necessary to uphold Singapore’s reputation as a clean and transparent business environment.
The Ministry of National Development and other regulatory bodies are expected to roll out detailed guidelines in the coming weeks to support implementation.
A Step Forward in Global Financial Integrity
With these updates, Singapore continues to demonstrate its proactive stance in closing regulatory gaps identified by international watchdogs. The 2025 amendments not only bolster the resilience of the property sector but also signal the nation’s broader commitment to financial integrity and global cooperation against financial crime.
Read the updated bill below
By FCCT Editorial Team freeslots dinogame telegram营销
