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.