Clarification by Minister, Prime Minister's Office and Second Minister for Finance and National Development
Ministry of FinanceSpeakers
Summary
This clarification concerns factual corrections made by Minister Ms Indranee Rajah regarding the Ministerial Statement on Singapore’s anti-money laundering regime. Minister Ms Indranee Rajah updated ACRA enforcement statistics to include Registered Qualified Individuals and confirmed that 15 registration cancellations or suspensions occurred between 2021 and 2023. She clarified that Sentosa Cove landed property approval for international clients requires they own no other landed residential property and corrected a property agent’s fine to $4,000. Furthermore, she rectified the title of the Estate Agents Act and clarified that while the Act was passed in 2010, its regulations became effective in 2021. The Minister concluded by affirming that ACRA is investigating involved agents and that the government will explore further strengthening of real estate regulations.
Transcript
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) The Minister, Prime Minister's Office and Second Minister for Finance and National Development (Ms Indranee Rajah): 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) Ms Indranee Rajah: 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) Ms Indranee Rajah: 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) Ms Indranee Rajah: 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):
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) The Minister, Prime Minister's Office and Second Minister for Finance and National Development (Ms Indranee Rajah): 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) Ms Indranee Rajah: 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) Ms Indranee Rajah: 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) Ms Indranee Rajah: 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.