With the coming into force of the Corporate Registers (Miscellaneous Amendments) Act 2022 on 4 October 2022, the Companies Act 1967 and the Limited Liability Partnerships Act 2005 have been amended to subject nominee shareholders and their nominators and individuals with “executive control” over the daily or regular corporate affairs to new disclosure obligations. This further aligns Singapore’s regime on transparency and beneficial ownership of Singapore-incorporated companies, foreign companies and limited liability partnerships with the international standards set by the Financial Action Task Force.

The Guide to Compliance, published by Global Investigations Review (GIR), brings together compliance guidance and criminal enforcement trends relating to financial crimes and misconduct. Baker McKenzie partners have contributed two chapters in GIR’s guide.

The chapter on Asia Pacific Compliance Enforcement covers key areas of enforcement priorities, including anti-bribery and anti-corruption, anti-money laundering and other key criminal offenses affecting multinational corporations, and provides an overview of emerging compliance issues and enforcement trends relevant to cross-border business.

The chapter on Compliance Issues in Corporate Transactions covers key compliance areas in due diligence, how to go about an effective assessment of compliance policies and procedures or issues in third-party dealings, and the process of remediating any compliance issues identified during due diligence.

* An extract from the first edition of GIR’s The Guide to Compliance. The whole publication is available at the GIR website.

This report, the fourth in our Asia Pacific Business Renewal Series, explores how businesses are now fortifying their ESG efforts and pivoting from strategy to action.

This report, the third in our Asia Pacific Business Renewal Series, explores how digital transformation (DX) has become a driving force in business decision making, and how it will shape the business landscape over the decade to come. As companies respond to shifting demand patterns and propel their DX agenda, the conversation turns to areas such as managing emerging risks, creating value from new technologies and aligning DX efforts with business renewal.

Read publication  As an integral part of Singapore’s strategy to build a sustainable, resource-efficient and climate-resilient nation, the Resource Sustainability Act 2019 (No. 29 of 2019) (RSA) sets out regulatory measures targeting the following three waste streams which generally have high generation and low recycling rates: Electrical and electronic waste…

Setting up of a Central Non Public Register of Controllers Introduction of Register of Nominee Shareholders for companies At two recent Update Sessions organised by the Chartered Secretaries Institute of Singapore, the Accounting and Corporate Regulatory Authority (ACRA) announced several new initiatives, 2 of which being: implementation of a central,…

Baker McKenzie has released its latest report, Taking Center Stage: The Rise and Rise of M&A Compliance Due Diligence. Based on a survey of more than 300 corporate leaders and legal advisers who handle transactions, along with insight from Baker McKenzie compliance, antitrust and corporate partners, the report assesses the challenges and…

Singapore launched the Singapore Standard ISO 37001 on Anti-bribery management systems on 12 April 2017, following a public consultation.

A Singapore court approved the extradition of a Singaporean and a Malaysian with permanent residency who face charges of conspiring to defraud, using electronic or wire communication to obtain money and property fraudulently, and submitting false claims to the U.S. Navy.

In March 2016, the San Diego Federal District Court sentenced a Singaporean man to 63 months’ imprisonment for knowingly and intentionally conspiring with others to defraud the U.S. Navy by obtaining the payment of false and fraudulent claims.