Singapore may soon bar individuals convicted of certain money laundering offences from serving as company directors.

This proposed change is part of a draft bill released for public consultation by the Ministry of Finance and the Accounting and Corporate Regulatory Authority (ACRA).

The amendments aim to prevent the misuse of companies, ease compliance requirements, and strengthen regulatory oversight.

Courts and the Registrar would be empowered to reject attempts to restore struck-off companies that may be used for unlawful purposes or pose a risk to national security.

Other proposals include allowing sole directors to act as company secretaries, removing the need for public companies to file a statement in lieu of prospectus, and lifting fixed access hour requirements for registered offices.

The bill also seeks to enhance shareholder protection and tighten the regulatory framework for public accountants.

ACRA would be allowed to share audit oversight data with foreign regulators, while the Registrar may handle routine registration matters. More complex cases would remain with the Oversight Committee.

Public accountants who fail to comply with registration conditions may face cancellation.

Professional indemnity insurance requirements would also be extended to sole proprietorships and partnerships.

A six-year time limit would apply for lodging complaints. The consultation is open until 31 July 2025.

Featured image: Edited by Fintech News Singapore, based on image by mrsiraphol via Freepik