Singapore to Tighten Company Service Rules Amid Laundering Cases

Singapore is planning to tighten its rules governing corporate-service providers, following a spate of money-laundering cases involving foreign nationals in the city state.

All entities providing corporate services — such as business formation and regulatory filings — in and from Singapore will need to be registered with the Accounting and Corporate Regulatory Authority, according to a proposal that was published on Tuesday.

The government is also looking to impose fines of up to S$100,000 ($75,140) on registered corporate-service providers and their senior management, if they breach rules on anti-money-laundering and illicit financing.

The proposal comes in the wake of a ...