Public Consultation Open for Feedback on Proposed Changes to the Trustees Act

12 JAN 2017

12 Jan 2017 Posted in Press releases

  1. The Ministry of Law (MinLaw) today launched a public consultation to gather public feedback on proposed amendments to the Trustees Act. The public consultation will run until 31 January 2017.

  2. The proposed amendments underline Singapore’s commitment as a responsible member of the international community to global efforts in countering money laundering, terrorism financing and tax evasion.

  3. As a member of the Financial Action Task Force (“FATF”) and Global Forum on Transparency and Exchange of Information for Tax Purposes (“GF”), Singapore takes reference from international standards set by these bodies. The proposed amendments seek to give effect to the FATF recommendations and GF requirements, by enhancing the transparency of the ownership and control structures of trusts, and prescribing minimum standards for financial record keeping by trustees.

Summary of Key Changes

  1. The proposed amendments to the Trustees Act include provisions to empower the Minister to make rules to:
    1. Prescribe duties on trustees to obtain and maintain financial records, as well as information on the parties relevant to and dealing with the trust:
    2. Prescribe the specific groups of trusts which are exempted from the proposed amendments;
    3. Designate any breach of such rules as an offence; and
    4. Impose a penalty of a fine not exceeding $1,000 for any breaches of the obligations.

Background

  1. Singapore takes a tough stance on financial crime to maintain its reputation as a clean and trusted international financial centre, and has over the years invested substantial efforts to enhance its anti-money laundering and counter terrorism financing regime. They form part of Singapore’s whole-of- government ongoing review to ensure that corporate vehicles and trusts are not misused for improper purposes.

Invitation for feedback

  1. Interested parties may view the public consultation paper online at (https://www.mlaw.gov.sg/news/public-consultations/public-consultation-on-proposed-amendments-to-the-trustees-act.html) and submit feedback in electronic or hard copy form via either of the following:

Ministry of Law

International Legal Division

100 High Street,

#08-02, The Treasury

Singapore 179464

Fax: 6332 8842

Email: MLAW_Consultation@mlaw.gov.sg (preferred mode)

MINISTRY OF LAW
12 JANUARY 2017

Last updated on 12 Jan 2017