New Regulations on Real Estate in Singapore
Singapore developers are faced with the new anti-money laundering and anti-terrorism rules. Within the framework of new regulations, construction companies are now obliged to carry out due diligence checks and in case of the suspicious transactions report on such incidents to higher authorities.
The new rules came into force on November 20th; the Parliament of Singapore adopted the Developers Bill (in terms of combating money laundering and financing of terrorism).
The bill has undergone changes both in terms of ensuring control and licensing of housing developers and in relation to the sale of commercial real estate (regulating the sale of residential and commercial real estate until its completion).