Early this year, Singapore has passed The Corporate Registers (Miscellaneous Amendments) Bill with a view to strengthen our corporate regime and infrastructure to combat money laundering & terrorism financing. As Singapore is a member of the Financial Action Task Force, the proposed amendments are in line with the International Standards set by FATF.
In addition to other proposed amendments to the existing Register of Registrable Controllers, Nominee Directors and Register of Members of Foreign Companies, Singapore will be introducing a new register called Register of Nominee Shareholders (RONS). Under the current regime, a member can hold shares on behalf of another person (i.e., the Nominator) and the Nominator is not required to be identified. This has been an area of concern as the Nominator is the actual shareholder with ultimate control. With the upcoming introduction of RONS, this area of concern will be addressed.
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