Property developers can soon expect to be subject to new requirements regarding anti-money laundering and terrorism financing (“AML“) measures. Earlier introduced in Parliament in 2018, these measures are now set to be implemented from 28 June 2023. The main measures are as follows:
- Introduction of requirements for developers to facilitate the detection of money laundering and terrorism financing; and
- Barring persons from being involved in developer activities if they have been previously convicted for money laundering and terrorism financing offences.
This Update provides a summary of the AML measures set to be implemented and highlights the key requirements which developers should be aware of.
For more information, click here to read the full Legal Update.
