Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill

in subsection (1), after the definition of “Council”, insert —“ “counterparty”, in relation to an acquisition or a disposition of a property for which a licensed estate agent or registered salesperson is doing estate agency work for a client, means —

where the client is a purchaser of the property — a vendor of the property; or

where the client is a vendor of the property — a purchaser of the property;”;

in subsection (1), after the definition of “president”, insert —“ “proliferation financing” means the financing of the proliferation of weapons of mass destruction;”;

in subsection (2)(a), after sub‑paragraph (ii), insert —“(iia)has been convicted of an offence involving money laundering, proliferation financing or terrorism financing (whether in Singapore or elsewhere);”; and

in subsection (2)(b), after sub‑paragraph (ii), insert —“(iia)the person has been convicted of an offence involving money laundering, proliferation financing or terrorism financing (whether in Singapore or elsewhere);”.

This section applies when, in relation to an acquisition or a disposition of a property for which a licensed estate agent or registered salesperson is doing estate agency work for a client, a counterparty is not represented by any licensed estate agent or registered salesperson in respect of the acquisition or disposition of the property. (2) The licensed estate agent must perform the prescribed counterparty due diligence measures in any of the following circumstances:

where the licensed estate agent has reason to suspect money laundering, proliferation financing or terrorism financing;

where the licensed estate agent has reason to doubt the veracity or adequacy of information obtained from earlier counterparty due diligence measures;

under circumstances prescribed for the purposes of this section.(3) The registered salesperson must perform the prescribed counterparty due diligence measures in any of the following circumstances:

where the registered salesperson has reason to suspect money laundering, proliferation financing or terrorism financing;

where the registered salesperson has reason to doubt the veracity or adequacy of information obtained from earlier counterparty due diligence measures;

under circumstances prescribed for the purposes of this section.”.

replace paragraph (a) with —“(a)a record of all estate agency work for which —

the licensed estate agent must perform the customer due diligence measures mentioned in section 44B(1) or the counterparty due diligence measures mentioned in section 44BA(2); or (ii)a registered salesperson of the licensed estate agent must perform the customer due diligence measures mentioned in section 44B(2) or the counterparty due diligence measures mentioned in section 44BA(3),containing such particulars as may be prescribed;”;

after paragraph (b), insert —“(ba)a record of all information relating to a counterparty that is kept or obtained by the licensed estate agent, or by a registered salesperson of the licensed estate agent, through the counterparty due diligence measures performed under section 44BA(2) or (3);”; and

in paragraph (c), replace “and (b)” with “, (b) and (ba)”.

replace subsection (6) with —“(6) Subject to subsections (7), (8), (9), (10) and (11), after considering the report and recommendations submitted under section 50(3) —

where the Council is satisfied that any of the following has been contravened:

any provision of Part 4A;

any regulation made under section 72, or any provision of a code of practice, ethics and conduct prescribed or issued and published under section 42(1), in respect of requirements relating to the detection and prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing,the Council may do one or both of the following:

impose on the licensed estate agent or registered salesperson concerned a financial penalty not exceeding $5,000 for each contravention;

censure the licensed estate agent or registered salesperson concerned; and

where the Council is satisfied that there is any other sufficient cause apart from a contravention mentioned in paragraph (a), the Council may do one or both of the following:

impose on the licensed estate agent or registered salesperson concerned a financial penalty of any amount not exceeding $5,000;

censure the licensed estate agent or registered salesperson concerned.”; and

in subsection (8), replace “or both” with “or all”.

in subsection (3), after “subsection (12)”, insert “or (13) or both (as the case may be)”;

in subsection (12), after “impose”, insert “for any sufficient cause for disciplinary action apart from a contravention mentioned in subsection (13)”; and

after subsection (12), insert —“(13) The maximum financial penalty that the Disciplinary Committee may impose where the Disciplinary Committee determines that a licensed estate agent or registered salesperson has contravened —

any provision of Part 4A; or

any regulation made under section 72, or any provision of a code of practice, ethics and conduct prescribed or issued and published under section 42(1), in respect of requirements relating to the detection and prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing,is —

in the case of a licensed estate agent — $200,000 for each contravention; and

in the case of a registered salesperson — $100,000 for each contravention.”.

in section 32A(1)(a) and (2)(a), replace “section 49(6)(a)” with “section 49(6)(a)(iii) or (b)(i)”; and

in section 36(3)(ba), replace “section 49(6)(b)” with “section 49(6)(a)(iv) or (b)(ii)”.

replace the definition of “money laundering or terrorism financing offence” with —“ “money laundering, proliferation financing or terrorism financing offence” means an offence under —

sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

the Terrorism (Suppression of Financing) Act 2002;

any regulations made under the United Nations Act 2001;

section 12A(2), 12B(3), 12C(5), 12D(2), 12E(6) or 12F(2) or any rules made under this Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

section 5A(5), 5B(5), 5C(6), 5D(2) or 5E(4) of the Sale of Commercial Properties Act 1979 or any rules made under that Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

any provision of any other written law relating to the prevention of money laundering, proliferation financing or terrorism financing; or

the law of any foreign country or territory relating to the prevention of money laundering, proliferation financing or terrorism financing;”; and

after the definition of “partner”, insert —“ “proliferation financing” means the financing of the proliferation of weapons of mass destruction;”.

in section 2(1), in the definition of “FATF Recommendations”, replace “and the financing of terrorism” with “, proliferation financing and terrorism financing”;

in section 2(1), in the definition of “substantial shareholder”, after “Companies Act”, insert “1967”;

in section 5(1)(e) and (f)(i), replace “(whether before, on or after the date of commencement of section 3 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence” with “(whether before, on or after the date of commencement of section 14(c) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence”;

in section 7(1)(da), replace “(whether before, on or after the date of commencement of section 4 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence” with “(whether before, on or after the date of commencement of section 14(d) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence”;

in Part IIIA, replace the Part heading with — “PART 3A PREVENTION OF MONEY LAUNDERING, PROLIFERATION FINANCING AND TERRORISM FINANCING”;

in section 12B(2)(a), after “terrorism”, insert “, terrorism financing and proliferation financing”;

in section 12D(1), replace “section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the licensed housing developer must, in accordance with section 39” with “section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the licensed housing developer must, in accordance with section 45”;

in section 12E, in the section heading, after “money laundering”, insert “, proliferation financing”;

in the following provisions, after “money laundering” wherever it appears, insert “, proliferation financing”:Section 12E(1), (2)(a) and (c), (3) and (4)Section 14(2)Section 22(2)(b);

in section 12E(5), replace “or the financing of terrorism” with “, proliferation financing or terrorism financing”;

in section 12F(1)(a), replace “(whether before, on or after the date of commencement of section 5 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence” with “(whether before, on or after the date of commencement of section 14(k) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence”;

in Part IIIB, in the Part heading, replace “PART IIIB” with “PART 3B”;

in section 14(2), replace “Part IIIA” with “Part 3A”;

in section 22(2)(b)(ii), replace “the financing of terrorism” with “terrorism financing”; (o)in section 22(2)(b)(iii), after “terrorism”, insert “, terrorism financing and proliferation financing”; and

in section 25(1)(ba), replace “(whether before, on or after the date of commencement of section 8 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence” with “(whether before, on or after the date of commencement of section 14(p) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence”.

sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

the Terrorism (Suppression of Financing) Act 2002;

any regulations made under the United Nations Act 2001;

section 5A(5), 5B(5), 5C(6), 5D(2) or 5E(4) or any rules made under this Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

section 12A(2), 12B(3), 12C(5), 12D(2), 12E(6) or 12F(2) of the Housing Developers (Control and Licensing) Act 1965 or any rules made under that Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

any provision of any other written law relating to the prevention of money laundering, proliferation financing or terrorism financing; or

the law of any foreign country or territory relating to the prevention of money laundering, proliferation financing or terrorism financing;“proliferation financing” means the financing of the proliferation of weapons of mass destruction;”.

The Controller may compound any offence under this Act or any rules made under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding one half of the amount of the maximum fine that is prescribed for the offence.(2) On payment of the sum of money, no further proceedings may be taken against that person in respect of the offence.(3) The Minister may make rules to prescribe the offences which may be compounded.(4) All sums collected under this section must be paid to the Consolidated Fund.”.

in section 2, in the definition of “FATF Recommendations”, replace “and the financing of terrorism” with “, proliferation financing and terrorism financing”;

in section 2, in the definition of “substantial shareholder”, after “Companies Act”, insert “1967”;

in section 5A, in the section heading, replace “and financing of terrorism” with “, proliferation financing and terrorism financing”;

in section 5A(3)(a), after “terrorism”, insert “, terrorism financing and proliferation financing”;

in section 5A(4), replace “section 39(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, the developer must, in accordance with section 39” with “section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the developer must, in accordance with section 45”;

in section 5C, in the section heading, after “money laundering”, insert “, proliferation financing”;

in the following provisions, after “money laundering” wherever it appears, insert “, proliferation financing”:Section 5C(1), (2)(a) and (c), (3) and (4)Section 7A(1)Section 10(2)(f);

in section 5C(5), replace “or the financing of terrorism” with “, proliferation financing or terrorism financing”;

in sections 5D(1)(a) and 5E(1)(a), replace “(whether before, on or after the date of commencement of section 10 of the Developers (Anti‑Money Laundering and Terrorism Financing) Act 2018) of any money laundering or terrorism financing offence” with “(whether before, on or after the date of commencement of section 17(i) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence”;

in section 7A(3)(b), after “Act”, insert “1965”;

in section 10(2)(f)(ii), replace “the financing of terrorism” with “terrorism financing”; and

in section 10(2)(f)(iii), after “terrorism”, insert “, terrorism financing and proliferation financing”.