Corporate Service Providers Bill
Explore the details of bill number 18/2024.
Summary
- The Corporate Service Providers Bill establishes a registration framework to regulate individuals and entities providing corporate services in Singapore, aiming to prevent money laundering and terrorism financing.
- It outlines the criteria for registration, renewal processes, and the responsibilities of registered corporate service providers, including ensuring services are provided by qualified individuals.
- The bill grants the Registrar authority to impose regulatory actions, such as suspension or cancellation of registration, for non-compliance with the Act.
- Provisions include penalties for providing false information and a framework for regulatory appeals to the Minister.
- It includes consequential amendments to several existing Acts, ensuring consistency with the new regulations governing corporate service providers.
Summary written by AI (edit)
Timeline
The bill is formally presented in Parliament for consideration.
4 months ago
The bill's title and key objectives are read out, but no debate occurs at this stage.
4 months ago
Members of Parliament debate the bill's general principles and overall merits.
2 months ago
The bill is examined in detail by a select committee, which may suggest amendments.
2 months ago
Members of Parliament debate the final version of the bill, including any amendments made.
2 months ago
The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.
2 months ago
The bill is passed and becomes law.
2 months ago