Singapore passes bill to strengthen laws against financing of weapons of mass destruction

MPs are concerned that some firms like moneylenders or pawnshops could face higher compliance costs amid tighter rules against financing weapons of destruction. A new bill passed aims to better align these industries with global anti-money laundering and terrorism financing standards. For one, pawnbrokers, moneylenders and those selling precious products must keep records of their transactions, even after closing their business. They must also appoint a compliance officer to put in controls and prevent financial crime. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service for must-read stories: Telegram - https://cna.asia/telegram WhatsApp - https://cna.asia/whatsapp Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnewsasia Twitter: https://www.twitter.com/channelnewsasia TikTok: https://www.tiktok.com/@channelnewsasia