Singapore to tighten anti-money laundering rules in property, legal sectors

SINGAPORE -- The government of Singapore on Friday said it will tighten defenses against financial crime in the property and legal sectors, as the city-state ramps up scrutiny of potential money laundering.

The country's real estate and legal watchdogs will tweak rules to induce industry professionals to screen clients who may be a front for people behind the scenes with potential links to dirty money. The changes will increase obligations on property brokers and lawyers to "take reasonable measures" to verify the identities of third parties that their clients may be taking instructions from, the authorities said.