Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill introduced
25 March 2025
On 7 March 2025, the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill (“Bill”) was introduced in Parliament for first reading. This Bill seeks to amend three Acts - the Estate Agents Act 2010, the Housing Developers (Control and Licensing) Act 1965, and the Sale of Commercial Properties Act 1979 - to give effect to certain recommendations of the Financial Action Task Force (“FATF”).
Estate Agents Act 2010
The Bill seeks to amend the Estate Agents Act 2010 to give effect to certain recommendations of the FATF regarding anti‑money laundering, proliferation financing, and terrorism financing.
A new provision will be introduced in the Estate Agents Act 2010 requiring a licensed estate agent or registered salesperson to perform prescribed due diligence measures on a counterparty in an acquisition or a disposition of a property who is not represented by any licensed estate agent or registered salesperson.
The licensed estate agent or registered salesperson must perform the prescribed counterparty due diligence measures where they have reason to suspect money laundering, proliferation financing, or terrorism financing, or where they have reason to doubt the veracity or adequacy of information obtained from earlier counterparty due diligence measures.
Housing Developers (Control and Licensing) Act 1965 and Sale of Commercial Properties Act 1979
The Bill seeks to amend the Housing Developers (Control and Licensing) Act 1965 and Sale of Commercial Properties Act 1979 to expand the obligations in both Acts in relation to money laundering and terrorism financing to encompass proliferation financing. The amendments also seek to give effect to certain recommendations of the FATF, as well as to revise the composition regime in the respective Acts.
Reference materials
The Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill is available on Singapore Statutes Online sso.agc.gov.sg.