Forum: Stronger oversight needed to weed out illicit corporate activities
Sign up now: Get ST's newsletters delivered to your inbox
I refer to the news report “Bedok resident behind 185 companies; 9 of them linked to billion-dollar money laundering bust, (Sept 3)”.
It is clear alarm bells should have sounded over an individual holding directorships in so many companies, as noted by experts.
Even the Accounting and Corporate Regulatory Authority (Acra) acknowledges this as an unusual occurrence.
Acra, as Singapore’s first line of defence against illicit activities like money laundering and terrorism financing, must proactively establish a standard operating procedure to identify and scrutinise individuals with an excessive number of directorships.
Prevention is always more effective than damage control. There should be a cap on the number of directorships an individual can hold, in order to safeguard Singapore’s reputation as a trusted financial centre.
Singapore’s global standing depends on its unwavering commitment to corporate governance. Acra must act immediately to strengthen oversight and ensure that Singapore remains a place of business integrity.
Cheong Wing Kiat
