On April 30, 2019, the Monetary Authority of Singapore (MAS) issued a consultation paper on the proposed regulations for the VCC regime and other proposed amendments to the existing rules and regulations to facilitate the implementation of the same. The consultation paper covers the operational aspects of the VCC framework, including the incorporation of a VCC, the registration of subfunds and the redomiciliation process to Singapore of foreign corporate entities as VCCs.
Separately, the MAS issued another consultation paper on the proposed notice on prevention of money laundering and countering the financing of terrorism (AML/CFT) for VCCs. The consultation paper and the proposed notice sets out the AML/CFT requirements for VCCs and draws reference from international best practices and the standards set by the Financial Action Task Force.
The deadline for comments and feedback to be submitted to the MAS for both consultation papers is May 30, 2019. We are collating comments from clients and industry participants for submission to the MAS. If you have any comments on the proposals that you would like us to submit on your behalf, please contact Han Ming Ho.
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