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Oct 9, 2024 | 
mondaq.com | Andrew Hamilton Galway
The Singapore parliament approved the Anti-Money Laundering and
Other Matters (AMLOM) Bill at second reading 6 August. The new Bill
is designed to align Singapore's AML/CFT framework with
international standards, enhance the ability of government agencies
to detect and enforce against money laundering, and improve
processes for dealing with seized or restrained properties linked
to suspected criminal activities.
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Oct 9, 2024 | 
mondaq.com | Andrew Hamilton Galway
A well-planned trust structure is an increasingly popular option
for high-net-worth Asian families. Trusts offer a flexible
mechanism for ensuring the orderly succession of assets and the
preservation of wealth for future generations, while delivering tax
efficiencies and maintaining confidentiality.
The most effective wealth management structure for families in
the Asia region is the Singapore's Qualifying Foreign
Trust (QFT), which benefits from highly advantageous tax
exemptions.
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Sep 2, 2024 | 
mondaq.com | Andrew Hamilton Galway
The Singapore parliament passed the Corporate Service Providers
(CSP) Bill, which will require all business entities carrying on
the business of providing corporate services in and from
Singapore to register with the Accounting & Corporate
Regulatory Authority (ACRA), on 2 July.
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Jul 23, 2024 | 
mondaq.com | Rolf Claessen |Andrew Hamilton Galway
In Part 1 of this article, I
looked at the risks to which settlors of trusts in Singapore can be
exposed if they take advantage of Section 90(5) of the Trustees Act
to reserve for themselves "any or all powers of investment or
asset management functions".
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May 16, 2024 | 
mondaq.com | Andrew Hamilton Galway
Singapore's Ministry of Finance (MOF) and Accounting &
Corporate Regulatory Authority (ACRA) jointly proposed, on 12
March, a new Corporate Service Providers (CSP) Bill to enhance the
regulatory regime for the CSP sector. The new Bill is to be tabled
in Parliament in the first half of 2024.
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Mar 21, 2024 | 
mondaq.com | Andrew Hamilton Galway
The Singapore government tabled the Financial Institutions
(Miscellaneous Amendments) Bill 2024 for first reading in
Parliament on 10 January. The FIMA Bill is designed to enhance and
rationalise the investigative, reprimand, supervisory and
inspection powers of the Monetary Authority of Singapore (MAS)
across various Acts.
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Jan 22, 2024 | 
mondaq.com | Andrew Hamilton Galway
The Singapore parliament passed the Income Tax (Amendment) Act
2023 on 3 October to introduce a new Section 10L in the Income Tax
Act 1947 (ITA), which aligns Singapore's foreign source income
exemption (FSIE) regime with international standards by taxing
gains received in Singapore from the sale of foreign assets by
businesses without economic substance in Singapore.
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Dec 15, 2023 | 
mondaq.com | Andrew Hamilton Galway
The Monetary Authority of Singapore (MAS) launched a public
consultation on 24 October on its proposal to streamline the
regulatory framework for fund managers by ending the Registered
Fund Management Companies (RFMC) regime.
Existing RFMCs would be required to re-register as Licensed Fund
Management Companies (LFMCs), which serve only accredited or
institutional investors (A/I LFMCs), to continue carrying out fund
management activities in Singapore.
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Nov 15, 2023 | 
mondaq.com | Andrew Hamilton Galway
Thailand's Revenue Department issued Order No.
Por.161/2023 on 15 September 2023, which introduced important
amendments to the taxation of foreign income, specifically
targeting individuals with assessable income from work duties or
activities abroad or from assets located abroad. It will come into
effect on 1 January 2024.
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Oct 6, 2023 | 
mondaq.com | Andrew Hamilton Galway
Seven Singapore-made satellites were launched successfully from
the Indian Space Research Organisation's (ISRO) Polar Satellite
Launch Vehicle (PSLV) on 30 July, further deepening space
collaboration between the two countries.
The PSLV took off from the Satish Dhawan Space Centre in
Sriharikota, off the coast of Andhra Pradesh in South India, and
all seven satellites were successfully injected into their orbits
less than 24 minutes after the lift-off.
