Singapore Ramps Up Combat against Trade Financing Fraud

On 19 March 2021, the Electronic Transactions (Amendment) Act (“ETAA“) came into operation in Singapore, making Singapore the second country to adopt the United Nations Model Law on Electronic Transferable Record. The changes that the ETAA effects essentially enable the digitalisation of transferable documents which are often used in cross-border trade. 

This Update focuses on how the ETAA may feature in Singapore’s effort to combat fraud in relation to transferable documents, particularly through legislative support for the use and recognition of electronic transferable documents.