Mr Louis Ng Kok Kwang (Nee Soon): Sir, this Bill will help Singapore comply with FATF requirements on assessing the risk of proliferation financing and taking measures to mitigate these risks.
I have two short clarifications to raise.
My first clarification is on the Government’s approach on prevention of proliferation financing, anti-money laundering and counter terrorism financing. Each of these areas represent risks which threaten the integrity of Singapore’s financial institutions. Each of these areas also have their own sets of safeguards and requirements.
Singapore has a national strategy for countering terrorism financing related activities. Can Senior Parliamentary Secretary share if proliferation financing will be incorporated into this strategy?
Can the Minister share how the Government is incorporating these safeguards as a coherent approach to prevent fragmentation in the implementation of the financial safeguards for proliferation financing, money laundering and terrorism financing?
My second clarification is on ensuring effective implementation of these safeguards on the ground. Robust safeguards are important due to the seriousness of the threat posed by proliferation financing. However, overly strict safeguards can be counter-productive if entities do not have the capacity to ensure meaningful compliance with these safeguards. What steps will be taken at the industry level to avoid these safeguards from becoming a box-checking exercise?
Sir, notwithstanding these clarifications, I stand in support of the Bill.
Watch the speech here.