Debated in Parliament on 3 Oct 2023.
The following statements were made by the Minister, Prime Minister's Office and Second Minister for Finance and National Development (Ms Indranee Rajah) in her speech and subsequent clarification during the Ministerial Statement “Singapore’s Anti-Money Laundering Regime” at the Sitting of 3 October 2023:
(a) ACRA takes enforcement actions on RFAs found to have breached any requirement. Between 2021 and 2023, ACRA imposed 24 sanctions against RFAs, including eight cases where the RFA's registration was cancelled or suspended. ACRA is investigating the role played by the RFAs involved in this case, and will take enforcement action if necessary. [Please refer to "Singapore's Anti-Money Laundering Regime", Official Report, 3 October 2023, Vol 95, Issue 113, Ministerial Statements section.]
(b) For Sentosa Cove which was developed specifically for an international clientele, generally speaking, if they are able to show identity and they are not allowed to own more than one landed property. So, should they not have any other residential property, approval is generally granted. [Please refer to "Singapore's Anti-Money Laundering Regime", Official Report, 3 October 2023, Vol 95, Issue 113, Ministerial Statements section.]
(c) In the most recent case, the property agent was imposed with a financial penalty of $400,000 and had her registration suspended for four months in July 2023. [Please refer to "Singapore's Anti-Money Laundering Regime", Official Report, 3 October 2023, Vol 95, Issue 113, Ministerial Statements section.]
(d) Hence, the Real Estate Agents Act was passed in 2010 and came into effect in 2021, and the regulations that I mentioned as well. We will certainly see what we can do to strengthen the regulations in this sector. [Please refer to "Singapore's Anti-Money Laundering Regime", Official Report, 3 October 2023, Vol 95, Issue 113, Ministerial Statements section.]
*Written statement by Ms Indranee Rajah circulated with leave of the Speaker in accordance with Standing Order No 29(5): (proc text)]
I wish to make the following factual corrections to my speech and replies given during the Ministerial Statement at the Sitting of 3 October 2023. My speech and replies should read as follows:
(a) ACRA takes enforcement actions on RFAs and Registered Qualified Individuals (RQIs) found to have breached any requirement. Between 2021 and 2023, ACRA imposed 24 sanctions against RFAs and RQIs, including 15 cases where the RFA or RQI's registration was cancelled or suspended. ACRA is investigating the role played by the RFAs and RQIs involved in this case, and will take enforcement action if necessary.
(b) For Sentosa Cove which was developed specifically for an international clientele, generally speaking, if they are able to show identity and they are not allowed to own more than one landed property. So, should they not have any other landed residential property, approval is generally granted.
(c) In the most recent case, the property agent was imposed with a financial penalty of $4,000 and had her registration suspended for four months in July 2023.
(d) Hence, the Estate Agents Act was passed in 2010, and the regulations that I mentioned came into effect in 2021. We will certainly see what we can do to strengthen the regulations in this sector.
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