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Singapore cracks down on misuse of nominee directorships



Singapore has passed legislative changes to improve transparency around nominee directors and shareholders, mandating companies to disclose full details of such arrangements to the Accounting and Corporate Regulatory Authority (Acra). These reforms, part of the Companies and Limited Liability Partnerships (LLPs) (Miscellaneous Amendments) Bill, aim to strengthen anti-money laundering efforts. Acra will now publicise which directors and shareholders are nominees, although the nominators’ identities remain confidential. This move is designed to assist banks and corporate-service providers in conducting thorough checks on entities with numerous nominee roles. Additionally, penalties for misinformation in company registers have been increased to SGD25,000 (USD18,500). The Corporate Service Providers Bill also addresses vulnerabilities in nominee directorship arrangements, emphasising the accountability of service providers in preventing misuse.

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