Singapore Strengthens Anti-Money Laundering Measures in Real Estate and Legal Sectors

Singapore is tightening its anti-money laundering rules in real estate and legal sectors. Real estate brokers and lawyers must now screen clients acting for third parties. This move aims to prevent criminals from using these sectors to launder money.

The new measures follow a review prompted by the arrest of a Chinese gang in 2023. They laundered over $2.34 billion, including buying luxury properties. The review found gaps in implementation practices among "gatekeepers"—professionals who oversee financial integrity.

Singapore's Minister of State for Trade and Industry, Alvin Tan, emphasized the need to protect legitimate activities while thwarting illegal ones. The government will provide details on the changes in the coming months.

Beyond real estate and legal sectors, Singapore is also scrutinizing other businesses like car dealerships and art boutiques for potential money laundering. Officials plan to engage with these sectors to enhance reporting of suspicious activities.

A new platform, Navigate, is being developed to consolidate money laundering risk information across government agencies. This aims to identify and address concerns more effectively.

Indranee Rajah, Minister in the Prime Minister’s Office, acknowledged that no system is foolproof. However, the government is committed to swift and effective enforcement once money laundering is detected.