Strengthening Corporate Governance: Understanding Singapore’s CSP and CLLPMA Bills

The Corporate Service Providers ("CSP") Bill and Companies and Limited Liability Partnerships (Miscellaneous Amendments) ("CLLPMA") Bill were introduced in Parliament on 6 February 2023 and recently passed by the Singapore Parliament on 2 July 2024.

The bills are designed to enhance Singapore's corporate regulatory framework and will come into operation on a date to be appointed by notification in the gazette. 

Key provisions in both bills include:

1. introducing a licensing regime for corporate service providers,
2. strengthening anti-money laundering measures, and 
3. enhancing transparency and disclosure requirements. 

We cover all the important points you need to know about these bills in our report. 

Please reach out to your respective client managers in BoardRoom or email us at [email protected] should you require further clarification.