Don Wee
Singapore
“(In English): Finally, it is about public awareness. Beyond the real estate sector, what efforts will be made to educate the general public about these challenges to foster a culture of vigilance against money laundering?”
“Chairman, Enterprise Singapore plays a crucial role in supporting our SMEs through various grants and schemes in their green transition. However, the current reimbursement model creates uncertainty in capital recovery, discouraging SMEs from making much-needed investments in sustainable equipment.”
“Since the Government has household data on income, education and occupation, SkillsFuture can pre-qualify Singaporeans and directly recommend accredited courses tailored to their needs.”
“Thank you, Mr Speaker, Sir. I have one supplementary question for the Minister of State. I thank the Minister of State for his positive update. I also thank LTA for improving the bus connectivity as well as the road safety of my Brickland residents over the past four years.”
“I propose that we channel these funds into strategic areas that will directly benefit Singaporeans, such as sustainability initiatives, green infrastructure projects and education programmes.”
“As the Registrar will be better empowered to maintain accurate records of directors, including disqualification status, this could lead to greater transparency and trust in corporate governance.”
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“(In English): Finally, it is about public awareness. Beyond the real estate sector, what efforts will be made to educate the general public about these challenges to foster a culture of vigilance against money laundering? Mr Deputy Speaker, Sir, this Bill demonstrates Singapore’s commitment to uphold and strengthen the integrity of our financial system. By addressing the vulnerabilities within the real estate sector, we have taken a decisive step to safeguard our reputation as a global financial centre. I look forward to the deliberations on this Bill and the collaborative efforts to ensure its effective implementation.”
“I rise in support of the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill. There are already clear regulations and detailed guidelines against money laundering in our real estate sector. However, the $3 billion money laundering incident last year showed the need for more controls and necessitated the introduction of this Bill. I support the key provisions of this Bill. But I have some questions and would like to seek clarifications from the Minister. Firstly, regarding the scope of due diligence. What specific guidelines will be provided to estate agents to accurately identify suspicious activities? How will these guidelines be tailored to address the unique challenges within the real estate sector? Next, on the implementation timeline. What is the planned timeline for the roll-out of the new measures? How will the Government ensure that all stakeholders will be adequately prepared for the compliance system? Mr Deputy Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Thirdly, support for small agencies. Smaller agencies may face resource constraints in sending their staff for training and implementing compliance measures. What support mechanisms will be in place to assist them in meeting the new regulatory requirements? Fourthly, monitoring and enforcement. How does the government plan to monitor compliance with these new regulations? What penalties will be imposed for non-compliance and how will enforcement be balanced to avoid overburdening legitimate businesses? Another pertinent issue is that of inter-Ministry and agency collaboration. Given the complexity of money laundering schemes, how will various government agencies collaborate to ensure a cohesive and effective approach to enforcement?”
“Chairman, Enterprise Singapore plays a crucial role in supporting our SMEs through various grants and schemes in their green transition. However, the current reimbursement model creates uncertainty in capital recovery, discouraging SMEs from making much-needed investments in sustainable equipment. To improve accessibility, I propose that Enterprise Singapore provide upfront financial support, particularly for vendors who have already cleared the agency’s onboarding criteria. Additionally, by leveraging AI and Government business data, we can proactively prequalify SMEs and invite them to apply for the relevant assistance schemes, thus removing the guesswork and streamlining support. Finally, to further drive sustainable investments, Enterprise Singapore can facilitate the leasing of energy-efficient equipment, such as electric cranes and electric generators, so that SMEs can claim these expenses without the burden of outright purchases. Supporting Heartland Enterprises”
“I look forward to MSE's response on how we can sharpen our strategies in these critical areas.”
“What are the mitigating measures planned for the islands for civilian use, such as Sentosa; and industrial use, such as Jurong Island? Our drainage infrastructure has been continuously upgraded to reduce flood-prone areas. Which areas are expected to benefit from recent works and what are the target dates for their completion? Would MSE share how it is working with building owners and transport operators to prepare for potential floods in high-risk areas? How will MSE engage drivers to bring them onboard flood warning systems? Prevention is better than cure. To improve thermal comfort, our buildings should be built to mitigate the heat effect of our tropical climate. Glass facades are not suitable for tropical buildings because they absorb excessive solar radiation, leading to overheating indoors. As a result, occupants rely on heavy usage of air conditioning, which consumes a lot of energy and contributes even more to global warming. I suggest that we consider introducing building regulations to reduce the number of glass facades for new buildings. What new measures will MSE be implementing to improve thermal comfort in public spaces, including hawker centres and community centres? When temperatures spike, what are the warning signs and warning systems as well as advisories that will be in place to keep the public safe, especially workers, the elderly, students, uniform personnel and residents doing sports? Lastly, Singapore is at a crossroads. We must act decisively to balance economic competitiveness with climate resilience. By investing in green industries, supporting businesses and fortifying our society, we can position Singapore as a global leader in sustainable development.”
“We can work with Association for Southeast Asian Nations (ASEAN) partners to develop cross-border carbon credit markets and supply chains for green materials. This positions Singapore as the go-to hub for sustainable trade. Next, also to expand expanding the Enterprise Sustainability Programme (ESG). I urge that more direct assistance should be provided for the SMEs adopting ESG practices, including tax incentives for sustainability investments. Climate change is not just an economic challenge. It impacts our daily lives. Rising sea levels, extreme weather and food security concerns demand long-term resilience planning. Enhancing climate adaptation infrastructure. Projects like the "Long Island" plan and coastal protection measures must be accelerated, with greater private sector participation. Securing food and energy resilience. We must continue expanding local food production and invest in alternative energy sources, like regional renewable imports and nuclear research. Next is to strengthen social resilience. A just transition must ensure that lower-income households are not disproportionately affected by climate policies. Utility rebates and green job opportunities should be integrated into our support measures. As an island surrounded by seawater, all coasts are at risk of the rising sea level. Would the Ministry provide an update on the site-specific studies of our coasts? Most Singaporeans would have heard about the East Coast Plan. What about the other coasts? We have about 64 islands, of which, seven belong to the Singapore Armed Forces (SAF). Measures must be taken to protect their shores as well, as there are implications for our defence planning.”
“Mr Chairman, Singapore, as a small and open economy, faces dual pressures, staying competitive amid global decarbonisation efforts while mitigating the adverse impact of climate change. This is not just an economic issue but also a national resilience challenge. Countries worldwide are tightening carbon regulations and implementing green tariffs. Businesses that fail to adapt risk being left behind. To remain competitive, Singapore must lead in green innovation and establish itself as a hub for low-carbon technologies. I urge the Government to accelerate investments in green industries. The Singapore Green Plan has set a strong foundation, but we need to scale-up investments in emerging fields, like hydrogen energy, sustainable aviation fuel and carbon capture technologies. I also urge the Government to strengthen our workforce capabilities. We must expand SkillsFuture funding for green skills, ensuring our workforce is future-ready. This includes training in sustainability reporting, carbon trading and climate risk assessment. Next, I also urge the Government to enhance our carbon pricing strategy. While Singapore's carbon tax is set to rise, we should explore differentiated pricing to incentivise cleaner energy adoption while ensuring businesses remain competitive. Singapore's businesses, especially the small and medium enterprises (SMEs), need support to transition without compromising economic growth. I recommend a Green Transition Fund for SMEs. Smaller businesses often struggle with upfront costs for sustainable transformation. A targeted fund could provide upfront co-funding for energy-efficient technologies and green certification. Stronger regional collaboration.”
“Mdm Chairperson, Singapore was one of the founding members of ASEAN when it was established on 8 August 1967, along with Indonesia, Malaysia, the Philippines and Thailand. Can the Minister outline Singapore's efforts to strengthen ties with Malaysia, Indonesia, Vietnam, Thailand, Laos and Cambodia? Singapore strongly supports ASEAN's goal of building a strong, prosperous and rules-based ASEAN. Will the Ministry share an update on the recent initiatives of the ASEAN Community, comprising the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC) as well as the ASEAN Socio-Cultural Community (ASCC)? ASEAN has been projected to be one of the fastest-growing regions of the global economy. Domestic demand is expected to continue expanding. Foreign direct investment into ASEAN is expected to remain strong, as multinational companies seek to diversify their manufacturing supply chains towards Southeast Asian industrialised nations. What are some key areas for cooperation between Singapore and our ASEAN partners, including renewable energy imports as well as sustainability-related initiatives? In addition, how will the Johor-Singapore Special Economic Zone enhance opportunities for Singaporean businesses?”
“So, while SAF is certainly not responsible for climate change, it must join in collective action to mitigate its impact for Singapore's future. Our investment in defence must continue to be prudent and forward-looking, ensuring that SAF remains an agile force capable of adapting to the dynamic security environment. In that regard, I would like to seek an update on our projected defence spending for this year. With the acquisition of high-end capabilities, will we continue to stay within the range of 3% of our GDP? In the area of sustainability, militaries often get a bad reputation as the environmental impact of military operations can be substantial. Also, as militaries often naturally prioritise national security and mission readiness, it would not be uncommon for green practices and sustainability to become an afterthought. MINDEF last provided an update on SAF's efforts on environmental sustainability in 2022. Since then, what else has been done and is MINDEF or SAF on track to fulfil its commitments as part of the Singapore Green Plan 2030? Partnering on Common Security Challenges”
“Mr Chairman, as a small city-state with a tumultuous start, it has been deeply embedded in our national psyche that we cannot count on anyone but ourselves to defend Singapore. This has not been mere rhetoric but a principle that has consistently guided the Government’s approach to defence and national security. We have always prioritised defence, ensuring that there are adequate financial and manpower resources committed. I looked up our defence spending in our early years as a young nation and, back then, defence spending was in the range of about 5% of GDP. 12.30 pm The Minister for Defence, Dr Ng, has also regularly reminded Members of this House that defence is a long-term business that requires sustained and consistent investment. By maintaining sustainable and stable defence spending that avoids sharp fluctuations, we have equipped the Singapore Armed Forces (SAF) with cutting-edge technology, highly-trained personnel and the necessary infrastructure to confront a spectrum of threats. This did not take place overnight. As we celebrate SG60 this year and look towards the next phase of nation-building, it is imperative that we consider whether our defence spending is aligned with the challenges of tomorrow. Looking at ongoing developments in the world, it is no longer sufficient for SAF to only be well-versed at tackling traditional threats, neither can we afford to be playing catch up on emerging non-traditional threats. The world is also facing the pervasive and fundamental threat of climate change. This will implicate both the conditions in which SAF is expected to train and operate as well as the challenges that SAF may be called on to tackle, especially as a result of extreme weather such as floods and fires.”
“Since the Government has household data on income, education and occupation, SkillsFuture can pre-qualify Singaporeans and directly recommend accredited courses tailored to their needs. In conclusion, Mr Speaker, Sir, this Budget positions Singapore for the next lap of growth while ensuring that businesses, workers and families receive the support they need. I strongly support these measures and urge the Government to further refine tax policies, expand SME support, accelerate sustainability efforts and simplify access to social assistance. With this, I affirm my support for the Budget.”
“Can the Government convert vacant premises, such as unused schools or JTC sites, into temporary parking lots to allow these drivers to park overnight? I understand that this requires temporary land use amendments and adjustments to car park charges, but with the right policy intent, I am confident the Government can resolve these challenges creatively. I commend the Government for introducing 20% wage support for workers with disabilities earning below $4,000 per month. However, inclusivity hiring requires additional workplace training for supervisors and their colleagues. To further incentivise employers, I propose: (a) tax rebates for businesses that adopt inclusive hiring practices; (b) higher foreign worker quotas for companies hiring persons with disabilities; and (c) bonus points for inclusive companies in Government project bids. I also urge MOE to provide more Edusave Awards opportunities to children studying at special education (SPED) schools. Additionally, families with more than one special needs kid face immense financial strain, as one parent often has to stop working to provide care. Can the Government offer enhanced financial assistance to such families? Singapore has many social support schemes for lower-income families, but eligibility criteria can be complex. Essential workers, who need help the most, often lack time, knowledge, or digital access to navigate these schemes. Similarly, they may struggle to identify suitable upgrading opportunities, especially with rising job and training scams. I urge the Government to develop a systematic framework to proactively reach out and guide these workers.”
“Additionally, the Government, leveraging on its data on registered businesses, could use AI to pre-qualify the SMEs for relevant assistance schemes and grants. To further encourage sustainable investments, Enterprise Singapore can support the leasing of energy-efficient equipment like electric cranes or electric generators, allowing SMEs to claim these expenses instead of requiring upfront purchases. SMEs require targeted funding support to invest in carbon pricing models, value-chain emissions management and decarbonisation projects. I propose further tax deductions or co-funding mechanisms, with a limited implementation window of two to three years to assess effectiveness. I also welcome the Government’s expansion of the Partnerships for Capability Transformation scheme in 2024, which fosters deeper collaboration between MNCs and SMEs. Can the Government provide insights on the utilisation rate of this scheme and any potential areas for improvement? Can we also encourage the local "queen bee buyers", like NTUC Fairprice and the Temasek-linked companies to be part of this scheme and help embark key SME suppliers on this green journey? Sustainability is an area where SMEs and MNCs, as well as the local large corporations, can work together. These “queen bee buyers,” can guide SMEs towards meeting global environmental, social and governance (ESG) standards. Presently, ESG reporting applies only to listed firms, but many countries are mandating sustainability compliance across the entire value chain. Government can help the SMEs to start tracking their emissions now, so as to avoid future trade barriers. Last year, I highlighted the shortage of heavy vehicle parking near the drivers’ residences, forcing companies to cover additional transport costs.”
“Last year, I highlighted the shortage of heavy vehicle parking near drivers' residences, forcing companies to cover additional transport costs. Could the Government convert vacant premises, such as unused schools or JTC sites, into temporary parking lots or allow these heavy vehicles to park overnight? I understand this requires temporary land use amendments and adjustments to car park charges, but with the right policy intent, I am confident the Government can resolve these challenges creatively. I commend the Government for introducing 20% wage support for workers with disabilities earning below $4,000 per month. However, inclusivity hiring requires additional workplace training for supervisors and colleagues. To further incentivise employers, I propose: one, tax rebates for businesses that adopt inclusive hiring practices; two, higher foreign worker quotas for companies hiring persons with disabilities; and three, bonus points for inclusive companies in Government project bids. I also urge MOE to provide more Edusave Awards opportunities to children studying at Special Education Schools. Additionally, families with more than one special needs child face immense financial strain, as one parent often has to stop working to provide care. Can the Government offer enhanced financial assistance to such families? (In English): Enterprise Singapore administers numerous grants and schemes to support SMEs in their green transition. However, these are largely based on a reimbursement model, which creates uncertainty in capital recovery. As a result, many SMEs hesitate to invest in expensive equipment. To improve accessibility, I propose that Enterprise Singapore offer upfront financial support, especially for vendors which have cleared the agency’s onboarding criteria.”
“Additionally, the Government, leveraging its data on registered businesses, could use AI to prequalify SMEs for relevant assistance schemes and grants, and then inform these companies that qualify and welcome them to submit their applications. To further encourage sustainable investments, Enterprise Singapore could support the leasing of energy-efficient equipment like electric cranes, allowing SMEs to claim these expenses instead of requiring outright purchases, followed by applications. SMEs require targeted funding support to invest in carbon pricing models, value-chain emissions management and decarbonisation projects. I propose further tax deductions or co-funding mechanisms, with a limited implementation window of two to three years to assess effectiveness. I also welcome the Government's expansion of the Partnerships for Capability Transformation (PACT) scheme in 2024, which fosters deeper collaboration between MNCs and SMEs. Could the Government provide insights on the utilisation rate of this scheme? We should start with ourselves by encouraging large local buyers, such as GLCs and NTUC FairPrice, to join the scheme and help their SME suppliers with green transformation. Sustainability is an area where SMEs and MNCs can work together. MNCs, as "queen bee buyers", can guide SMEs towards meeting global environmental, social and governance (ESG) standards. Presently, ESG reporting applies only to listed firms, but many countries are mandating sustainability compliance across entire supply chains. SMEs should start identifying and reporting their carbon emissions. How can the Government help these SMEs master the business opportunities in this area?”
“Mr Speaker, Sir, I rise in support of the measures in this Budget to enhance Singapore’s competitiveness and position us for the future. Singapore must continue to lead in green finance and sustainability. To this end, I urge the Government to liberalise the GST treatment for input tax claims on carbon credit trading-related expenses. Businesses that purchase voluntary carbon credits to manage their emissions targets would benefit from enhanced tax deductions. Additionally, I propose that gains derived from qualifying green investments made by Singaporean investors overseas be exempted from corporate tax, similar to the foreign-sourced dividends exemption. This would encourage more businesses to participate in sustainable investments globally. The shift towards electric mobility is crucial for our sustainability goals. Can the Government allow businesses to claim input tax on GST incurred for expenses related to EVs? This will support early adoption and accelerate fleet transitions. Furthermore, to ease the financial burden on SMEs, I suggest channeling the additional supply of Certificates of Entitlement (COEs) towards commercial vans, which will help lower operating costs and, ultimately, benefit end users. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Enterprise Singapore administers numerous grants and schemes to support SMEs in their green transition. However, these are largely based on a reimbursement model, which creates uncertainty in capital recovery. As a result, many SMEs hesitate to invest in expensive equipment. To improve accessibility, I propose that Enterprise Singapore offer upfront financial support, especially for vendors who have cleared the agency's onboarding criteria.”
“(In English): I am also concerned about the proposal to decriminalise failures by food workers to attend training. Training is essential to ensuring proper food handling practices. If individual accountability is removed, how will the SFA enforce compliance and incentivise food business licensees to send their workers for training? Should not both businesses and workers be held accountable to uphold food safety standards? While the new limit of 15 kilogrammes on food imports for private consumption will delight some residents, there are correlated risks of heightened biosecurity threats. What measures will the Ministry implement to prevent the entry of contaminated or non-compliant food products? Will enhanced screening or consumer education be part of this change? Lastly, home-based food businesses represent an important source of livelihood for many. Yet, these enterprises are not, currently, required to obtain licenses. How will the SFA work with these businesses to encourage food safety training and refresher courses? Could we provide affordable training options or incentives to raise safety standards across all food operators? Mr Speaker, Sir, while I support the Bill for its comprehensive updates to food safety legislation, I urge the Ministry to carefully consider the concerns of households, small business owners and home-based operators. Addressing these concerns will ensure that the new framework enhances food safety without undue burdens on Singaporeans as well as the small business owners.”
“Mr Speaker, Sir, I welcome the Ministry's decision to update and consolidate all food-related legislation in this Bill. The new regulatory framework will enhance our capabilities for food safety enforcement, support the growth of our local agri-food sector and bolster food security against potential supply disruptions caused by outbreaks, climate change or global conflicts. This is a timely and necessary step to ensure Singapore's resilience. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Mr Speaker, Sir, the public remains deeply concerned about food safety, especially following last year's high-profile mass food poisoning cases affecting preschools and corporations. Parents, in particular, worry about the safety of their children. Beyond enforcement and increased penalties, what preventive measures will the new Bill introduce to mitigate future lapses? Are there provisions to address systemic gaps in hygiene practices or monitoring? Additionally, while penalties serve as a deterrent, how does the Ministry determine their calibration to ensure they are neither excessively punitive for small businesses nor too lenient to deter large offenders? For small food businesses, the transition to the new safety regime will likely result in increased compliance costs. This may disproportionately impact small operators, leading to challenges in adapting or passing costs on to consumers. How will the SFA provide guidance, subsidies or transitional support to ease their burden? Food recalls, even when not caused by negligence, can severely disrupt small businesses. Could the Ministry introduce assistance schemes – such as grants, access to financing schemes or insurance programmes – to help these businesses recover swiftly and stay operational?”
“Local newspapers remain a trusted medium for many Singaporeans, particularly small and medium enterprise (SME) owners and sole proprietors, who may not closely monitor the digital channels. I appeal to the Ministry to retain this requirement or ensure alternative notification methods are as effective in reaching out to all the stakeholders. Lastly, the proposed reduction of the grace period during which creditors cannot enforce their rights from 90 to 30 days may adversely impact businesses in financial distress. While protecting creditors' rights is essential, some businesses may require additional time to sort out their affairs, particularly for SMEs managing limited resources. Would the Ministry consider a compromise, such as a 60-day grace period, to balance the needs of creditors as well as distressed businesses? Sir, the amendments to SIP are a positive step towards enhancing Singapore's insolvency framework. However, as we extend its accessibility, we must ensure that safeguards remain robust and that the interests of all stakeholders, creditors, employees and business owners, are adequately addressed. I urge the Ministry to take these considerations into account.”
“Mr Speaker, Sir, I rise in support of the Insolvency, Restructuring and Dissolution Bill, which updates SIP. This programme has been an important lifeline to micro and small companies facing financial difficulties, helping them to restructure or wind up efficiently. The amendment to reduce the general eligibility criteria to just one, which is a $2 million liability threshold, will make SIP accessible to more companies. However, I would like to raise some concerns on behalf of Singaporean business owners, creditors and employees who may be affected by these changes. Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Although the inclusion of larger companies in the SIP is well-intentioned, it can potentially disadvantage creditors and employees, particularly when the winding up process is expedited. For small creditors, this could mean reduced chances of recovering debts owed to them. Employees may also be left in limbo if unpaid salaries and benefits are deprioritised. Can the Ministry clarify how these stakeholders will be protected, especially when the larger companies avail themselves of the scheme? Sir, the proposed change to allow a Director's declaration of eligibility, especially when a company's records are incomplete, raises concerns about the potential for abuse. While enforcement measures exist to penalise false declarations, these may not adequately deter bad actors seeking to exploit the scheme to expedite winding up processes. I urge the Ministry to strengthen safeguards, such as requiring third-party audits or additional supporting documentation to ensure the integrity of the process. (In English): The removal of the requirement to publish notifications in newspapers may also pose challenges.”
“Thank you, Mr Speaker, Sir. I have one supplementary question for the Minister of State. I thank the Minister of State for his positive update. I also thank LTA for improving the bus connectivity as well as the road safety of my Brickland residents over the past four years. I have been receiving a lot of feedback from residents staying around Keat Hong Close. They feel that the connectivity can be improved upon because it is a closed loop and there is only one bus service that plies through Keat Hong Close. So, I wonder if a specific, thorough review can be conducted to improve the bus connectivity for residents staying around Keat Hong Close.”
“I propose that we channel these funds into strategic areas that will directly benefit Singaporeans, such as sustainability initiatives, green infrastructure projects and education programmes. By investing in these areas, we can further strengthen our long-term economic goals while enhancing Singapore's competitiveness in the global arena. In conclusion, Speaker, Sir, this Bill marks a crucial step in aligning Singapore with global tax efforts to ensure fair and transparent taxation of multinational enterprises. However, as we implement these changes, we must safeguard our competitive advantage and ensure that businesses are not unduly burdened by compliance requirements. I look forward to the Minister's response and trust that we can continue to strike a careful balance between global alignment and protecting Singapore's economic interests. 6.30 pm”
“I urge the Government to carefully assess the administrative burden this will place on both the Government and MNEs. Will the Comptroller's office be adequately resourced to manage this increased workload? Moreover, what measures are in place to assist businesses in navigating these complex compliance frameworks, especially in the early stages of the implementation? Clear guidance and streamlined processes will be crucial to ensure smooth compliance and avoid stifling business operations through excessive bureaucracy. One specific area of concern is the treatment of joint ventures and investment entities. While the Bill includes joint ventures, where the parent holds 50% or more of the ownership interest, certain investment and insurance entities are excluded from the DTT. Could this exclusion incentivise certain entities to exploit the system and avoid paying their fair share of the top-up taxes? I seek clarification on how the Government plans to ensure that these exclusions do not inadvertently open doors to aggressive tax planning. The Bill's provisions under clauses 49 to 55 allow for a 15-month filing period after the financial year-end, which aligns with the international norms. However, given the complexities of multi-jurisdictional operations, I ask: could we consider offering grace periods or additional guidance for entities facing exceptional circumstances? Furthermore, the penalties for late payments and non-compliance should deter misconduct without overburdening businesses facing administrative challenges. I suggest that the Government explore a tiered penalty structure to balance enforcement with fairness. It is anticipated that the introduction of the MTT and DTT will increase tax revenues for Singapore.”
“Mr Speaker, Sir, I rise today to support the Bill, specifically the Pillar Two of the OECD/G20 Inclusive Framework on BEPS. This Bill, through the introduction of MTT and DTT, represents a significant step in ensuring that MNEs pay a minimum tax of 15%, reinforcing Singapore's commitment to international tax transparency. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The MTT provisions, from clauses 21 to 36, are aligned with the global consensus to combat tax avoidance strategies among large MNEs. While we welcome this alignment, I would like to ask the Minister: how will the Government ensure that these new rules, while in line with international standards, will prevent double taxation for Singapore-based entities? Are there robust mechanisms in place to ensure consistency across jurisdictions, avoiding discrepancies in tax treatment? Singapore has built its success as a global hub for MNEs by maintaining an attractive tax environment. While the introduction of this global minimum tax is important, we must not lose sight of the competitive edge that has made Singapore a top choice for businesses. I urge the Government to consider complementary measures, such as enhancing R&D incentives and talent acquisition programmes, to continue attracting investment in key sectors. These additional policies can ensure that we remain competitive, despite the increasing global tax harmonisation. Furthermore, if fewer MNCs come to Singapore, it will not benefit our SME ecosystem, and fewer good jobs will be created. Maintaining our appeal to MNEs is essential for supporting both the broader business landscape and job creation. (In English): Clauses 37 to 94 introduce new registration and compliance requirements.”
“(In English): To strengthen EMA’s regulation of the power sector, the Bill will empower EMA to: direct owners of critical energy infrastructure to allow access by licensees when necessary in the public interest; require owners of key energy assets to obtain approval before repurposing these infrastructure for other uses; and implement power rationing during emergencies. I would like to ask, in the event of disputes between owners and licensees, especially concerning compensation and operational control, how will EMA mediate and resolve these disputes? Is there a standardised mechanism and framework being considered to ensure fair compensation and avoid prolonged disagreements? Prolonged disputes could result in service disruptions or increased costs that would ultimately trickle down to the end users, including our most vulnerable citizens. Regarding the requirement for approval when repurposing existing energy infrastructure, I am concerned about the problem of bureaucratic delays. While oversight is necessary to ensure our energy security and reliability, we must also ensure that it does not hinder the agility of companies in responding to market changes. As for the provision for power rationing during emergencies, I seek clarification from the Minister on the criteria to be used to define an emergency that justifies power rationing. What will be the thresholds and will the criteria be reviewed periodically? How will EMA ensure that rationing measures are proportionate and do not unduly disrupt our economic activities? We must ensure that any rationing is fair and does not disadvantage those already struggling to make ends meet. I would like to conclude with my support for the Bill.”
“On the other hand, how will the Government ensure that the CGE does not become a bottleneck or a single point of failure in our energy supply chain? What contingency plans are in place should the CGE encounter difficulties in securing adequate gas supplies? Would the Ministry consider establishing an independent oversight body to monitor the CGE’s performance, thereby mitigating the risks of centralisation? I would also like to suggest that Government ensure the diversification of gas supply sources by setting limits on the proportion of gas bought from various suppliers. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] EMA’s cost recovery framework can potentially lead to increased energy costs for consumers, which might disproportionately impact lower-income households or smaller businesses that are already operating on tight margins. What safeguards are in place to ensure that these cost recovery mechanisms do not unduly burden consumers, particularly those who are most vulnerable? How will transparency be maintained throughout this process? It is imperative that we protect those who are least able to absorb additional costs. In addition, what is the expected impact of decarbonisation exercises on our energy costs, which must remain competitive enough to attract big multinational corporations to set up operations in Singapore? I suggest that the Ministry consider introducing a sliding scale based on the size and financial capability of the entities involved. This approach would protect small and medium enterprises and lower-income consumers from disproportionate cost burdens, ensuring that the cost of decarbonisation is shared equitably.”
“Mr Speaker, Sir, due to the structure of our highly developed economy, Singapore has one of the highest energy consumption per capita in the world. Singaporeans' livelihoods and well-being depend very much on the provision of reliable and affordable energy. As we work to decarbonise and reach net zero emissions by 2050, our energy profile will go through significant change. It is important to recognise that the energy transition is not just about reducing emissions but is also central to ensuring long-term sustainability. By shifting towards cleaner energy sources, we can safeguard our environmental resources for future generations while enhancing energy resilience. This transition aligns with our broader sustainability goals by reducing the harmful impacts of fossil fuels, improving air quality and fostering the development of green technologies that will sustain both economic growth and ecological balance. In this way, energy security and environmental sustainability are inextricably linked, making it critical for us to act decisively in accelerating this transition. One of the objectives of the Bill is to introduce guardrails for our electricity market. This is by: establishing regulations for centralised gas procurement and allowing EMA to recover costs for initiatives to boost our energy security, develop a competitive market and support the power sector’s decarbonisation. While the gas procurement through the CGE is limited to gas users from the power sector, such as generation companies, the concerns over the potential risks and vulnerabilities from centralisation remain valid. On one hand, the aggregate demand will give us more bargaining power, achieve better pricing and greater efficiencies.”
“Based on the information and food data available, there is more than enough food to feed our needy regularly and nutritiously. In addition to reducing food waste, food donation will reduce our environmental impact and footprint associated with the wastage. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I would like to raise my concerns to the relevant Government departments. May I ask, how do the authorities enforce the guidelines established for the safe handling, storage and transportation of donated food? How will the relevant Ministry ensure that staff and volunteers receive regular training on food safety practices? Will there be requirements to prove traceability of the donated items, such as the maintenance of records, to ensure accountability in case issues arise? Will the Ministry conduct audits or regular inspections to check on the food quality and safety standards? Will donors be encouraged or be required to have liability insurance as an extra layer of protection? How will SFA foster partnerships between donors and reputable charities to ensure the proper distribution and use of donated food, avoid duplicate deliveries and prevent abuse of donations, such as reselling? Will public accountability measures be implemented, such as the collection and publication of donation data and impact reports? (In English): By implementing these strategies, I am confident that Singapore can optimise the benefits of the Good Samaritan Food Donation Bill, while mitigating the risks and preventing potential abuse of the system. I would like to conclude with my strong support for the Bill.”
“Mr Speaker, Sir, this Bill will encourage more food donation by offering legal protection to well-meaning donors against liability. At the same time, recipients are protected as there are clear specifications to ensure that the food donated meet hygiene requirements and delivery timeframes for food safety. This Bill will also go a long way to cut down on the unfortunately huge amounts of food waste in Singapore. Many other countries had already enacted similar legislation. In the US, the Bill Emerson Good Samaritan Food Donation Act has been providing liability protection to donors since 1996. Canada has similar laws with slight differences in each province. In Australia, the Civil Liability Amendment (Food Donations) Act 2005 offers similar protections too. In 2016, the Italians passed a law in the Senate to relax regulations for food donated, such as allowing companies to donate mislabelled food as long as these do not pose a safety risk. France and Spain, on the other hand, have legislations penalising food waste, compelling entities, such as supermarkets, to donate unsold food to charities. Five years ago, Japan introduced the Act on Promotion of Food Loss and Waste Reduction to reduce food waste and support food banks. The South Koreans are charged for the disposal of food waste by weight, prompting them to treat surplus food more conscientiously. It is a crying shame that much of perfectly safe and edible food are thrown away every day while the most vulnerable segments of our society face food insecurity. This new legislation will help suppliers and sellers overcome their concerns about liabilities and donate to those in need. Companies involved in food donation can enhance their reputation and image.”
“Would the Minister share which specific challenges are anticipated in the process to prove that the individuals knew they were dealing with criminal proceeds and how will these be addressed? Next, about the proposed change to designate serious foreign environmental crimes as money laundering predicate offences, how will the authorities manage the increased workload and complexity arising from the inclusion of foreign environmental crimes like illegal logging? May I suggest that we develop agreements and protocols for cooperation with foreign jurisdictions to streamline evidence gathering and information gathering? We also need to provide training and resources to law enforcement agencies to handle the complexities of international money laundering cases. I strongly support the proposal to allow the Court to order the sale of seized or restrained properties linked to suspected criminal activities. I would like to ask, how will the courts determine the "interest of justice" when deciding to sell the seized properties in the absence of unanimous consent. What procedures will be put in place to ensure fair and transparent sale of the seized assets? How will the Ministry ensure a transparent process for the valuation and sale of seized assets? Will public auctions or third-party assessments be conducted? I hope the proceeds from the sale of seized properties can be used to support victims and further crime prevention efforts. Finally, regarding the lower threshold for cash transactions and deposits at casinos, do the authorities expect any impact on the operations of casinos? What support will be provided to casino operators to comply with the new regulations? Would the Ministry also consider a phased approach to give casinos time to adjust their processes and systems?”
“Mr Speaker, Sir, I support the proposals in the Anti-Money Laundering and Other Matters Bill to combat money laundering (ML) and related crimes more effectively. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] Does the revised law allow banks to hold assets for a certain number of days after a Suspicious Transaction Report (STR) is filed, so that the Suspicious Transaction Reporting Office (STRO) can decide whether to issue a seizure order?When a customer instructs a bank to make a payment and the bank holds the transaction pending STRO approval, how does the law prevent tipping off the customer that an STR has been filed, which could prejudice ongoing investigations? Regarding the proposal to allow Government agencies to share information and data with one another, it must be done, in order to facilitate and expedite investigations and prosecution. However, I have some concerns about this arrangement too. How will the Government ensure data privacy and security with the increased sharing of sensitive tax and trade data information? Will there be a heightened risk of shared data misuse and, if so, what preventive measures will be in place to mitigate this risk? Will the Ministry share what kind of guidelines and oversight mechanisms have been established to prevent data misuse and ensure accountability? I urge the Ministries involved to implement robust data encryption and access control measures. (In English): The prosecution will no longer be required to show a direct link between the money which had entered Singapore and the associated foreign crimes.”
“Firstly, phased implementation. Implement the new regulations in phases, starting with high-risk CSPs and gradually include other entities. This approach allows for adjustments based on feedback and ensures that all entities have adequate time to comply. Secondly, support and training. Provide comprehensive training programmes and support resources for CSPs to help them understand and comply with the new requirements. This includes workshops, online courses and access to advisory services. It will be better if additional training grants can be provided to these CSPs. Thirdly, monitoring and feedback. Establish a robust monitoring system to track compliance and gather feedback from CSPs. The Government can use this feedback to refine regulations and support mechanisms, ensuring that they are effective and not overly burdensome. Fourthly, proportional penalties. Ensure that penalties for non-compliance are proportionate to the severity of the breach. Implement a clear distinction between minor infractions and serious violations, with appropriate penalties for each category. Finally, transparency and communication. Maintain transparent communication with CSPs about the rationale for the new requirements, the expected benefits and the processes involved. Regular updates and open channels for feedback will help build trust and compliance. I would like to conclude with my support for both Bills.”
“Regarding clauses 16 and 37 for the new requirements for nominee directors, I would like to ask, what criteria will be used to determine if an individual is "fit and proper" to act as a nominee director and how will CSPs verify this information without access to comprehensive background data? "Fit and proper" must be clearly defined and the nominee director should be required to attend workshops relating to director's duties and responsibilities. Organisations, like ISCA, also run programmes to help new and aspiring directors to acquire new knowledge, build competencies and attain board readiness as well as for existing directors to keep themselves abreast of developments in the corporate governance space. I suggest that the Ministry develop a standardised set of criteria and a verification process, including access to relevant databases, that CSPs can use to assess the fitness of nominee directors. This process should be transparent and ensure that CSPs can perform these checks efficiently and effectively. About the introduction of clause 17 to detect and prevent the proliferation financing of weapons of mass destruction (WMDs), how will the requirement for CSPs to comply with this new regulation be integrated with existing AML/CFT frameworks and what specific challenges might CSPs face in meeting these new obligations? I propose that the Ministry align the new requirements with existing AML/CFT frameworks to ensure consistency and avoid duplicative efforts. CSPs should be provided with clear guidelines and examples of best practices for detecting and preventing PF and offered regular training sessions to help them stay informed of evolving threats and compliance strategies. I would like to sum up with five recommendations for this Bill.”
“(In English): Clauses 3 and 7 require the inclusion of companies which carry out any designated activities, in relation to the provision of any accounting service as registered CSPs. What specific risks have been identified that justify extending AML/CFT/PF requirements to all accounting service providers and how will ACRA ensure that these providers are adequately prepared to comply with these new regulations? Is ACRA able to ensure that the CSPs employ qualified accounting professionals to provide accounting and bookkeeping services to companies incorporated in Singapore? The unqualified professionals do not answer to any accountancy body, like ISCA or CPA Australia. I would like to suggest that the Ministry conduct a risk assessment to clearly identify and communicate the specific risks posed by different types of accounting service providers. I recommend that targeted training and resources be provided to ensure that they understand and comply with the new requirements while minimising disruptions to their operations. Clauses 16, 17, 29 and 30 imposes criminal liability on registered CSPs and their senior management for breaches of AML/CFT/PF requirements. How will this impact the willingness of individuals to take on these roles and what safeguards will be in place to protect against undue penalties? May I recommend that the Government consider implementing a clear framework that distinguishes between minor compliance issues and serious breaches as well as ensuring that penalties are proportionate to the severity of the offences? Additionally, would the Ministry provide a mechanism for senior management to appeal decisions or demonstrate due diligence to avoid unjust penalties?”
“Mr Speaker, Sir, I declare that I am a counsel member of the Institiute of the Singapore Chartered Accountants, but I do not have any interests with any CSP. Being an open economy and a leading global financial centre, Singapore is exposed to significant money laundering risks. The $3 billion money laundering case last year and more recently, a case of US$1 million in scam proceeds channeled through two companies incorporated here, are two examples of money launderers trying to take advantage of our financial system. A Bloomberg article, dated 17 June, coined the term "Singapore-washing". These two Bills are timely and will plug the loopholes being exploited. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] I would like to seek clarifications regarding some of the clauses in the Bill. Clause 7 expands the registration requirements for CSPs, even if they do not file transactions on behalf of their clients. How will the proposed registration requirements ensure that all CSPs comply effectively with Anti-Money Laundering, Combating the Financing of Terrorism and Proliferation Finance regulations? What mechanisms will be put in place to monitor compliance and prevent regulatory overlaps or impose excessive burdens on CSPs? May I recommend that the Government consider implementing a phased approach for the registration of CSPs, accompanied by detailed guidance and support for compliance with AML/CFT/PF regulations? Would the Ministry share more information about its measures to establish a robust monitoring and evaluation framework to assess the effectiveness of the new requirements while minimising regulatory burdens?”
“As the Registrar will be better empowered to maintain accurate records of directors, including disqualification status, this could lead to greater transparency and trust in corporate governance. For foreign companies, these changes would potentially reduce compliance costs and administrative burdens, too, making Singapore a more attractive destination for their investments. Hence, I support the Bill.”
“How does the Registrar verify or ensure that the foreign recipients' email addresses or mobile numbers belong to the rightful person? Foreign companies incorporated by the same corporate secretaries may already be sharing the same email addresses or office numbers when updating their particulars with ACRA. (In English): Thirdly, on data privacy and security. How will the tiered framework for the disclosure of personal data ensure privacy and security for different user groups? What measures will be in place to protect the data in the digital mailboxes? Next, what are the new powers granted to the Registrar concerning the registers of directors? How will the Registrar determine and reflect the disqualification status of the individuals? Would the Ministry share with the House what were the main concerns and feedback raised during public consultation? How have MOF or ACRA addressed these concerns in the final version of the Bill? Notwithstanding my queries, I can see the many benefits from these amendments. We can expect enhanced efficiency and speed in communication between ACRA and business entities, potential cost savings by reducing physical mail and increased accountability for businesses to maintain updated contact information. With more accurate and up-to-date registers, the administrative burden on businesses should be reduced. Compliance processes may be simplified due to better integration with other Government agencies. There should also be greater privacy and security with improved data protection through a tiered disclosure framework, through businesses that may need to invest to meet new data security requirements.”
“Mr Speaker, Sir, I would like to seek clarifications from the Minister on some aspects of this Bill. Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The first set of queries relate to the purpose of the Bill and its impact on businesses. What are the primary reasons for requiring business entities, position holders, shareholders and members to maintain updated email addresses with ACRA? How will the use of a digital mailbox for statutory correspondences and notices (excluding summons) will affect the communication process for businesses and individuals? I would also like to know which specific Government agencies will provide information to ACRA to keep its registers up to date. In addition, how will the process of updating registers with information from these agencies be managed and monitored for accuracy? There is a clause to empower the Registrar to obtain and use information from specified Government agencies. Such updates should include email addresses and mobile numbers of Singaporeans and Employment Pass holders who are acting as company officers on behalf of the entities. Government agencies like the Immigration and Checkpoints Authority (ICA) and the Ministry of Manpower (MOM) should have the most updated information. My second set of questions concern foreign companies. What specific changes will be made to streamline financial reporting requirements for foreign companies registered under the CA? How will these changes benefit foreign companies operating in Singapore? One of the proposed changes is to empower the Registrar to notify the recipient via electronic means on how and when to access documents and information sent by the Registrar.”
“] During this period of greater international tensions between some nations, particularly between the US and China, how will the MOT manage potential sensitivities and conflicts of interest among designated equity interest holders, especially for the air and sea sectors? The Ministry intends for this Bill to complement the Significant Investments Review Act (Sira) which scrutinises local and foreign investments in entities considered critical to our national security interests. Entities designated under this Bill will not be concurrently designated under Sira. Would the Minister elaborate on how these two pieces of legislation work together to avoid areas of overlap or potential conflicts? My final question is regarding the Ministry's consultation with industry representatives on this Bill. Would the Ministry share with the House their concerns and feedback, particularly on its potential impact on businesses and investors, and how these are addressed in the Bill? (In English): I would like to conclude with my support for the Bill.”
“Mr Speaker, Sir, I agree with the Ministry that the Transport Sector (Critical Firms) Bill is necessary for the strengthening of regulatory oversight for our air, sea and land transport sectors. Doing so will ensure that the sectors will operate under conditions to better support and enhance our national security interests. Many other countries, such as the US, the UK, Australia and most members of the EU, have similar legislations, including provisions regarding the designation of critical entities, ownership and operational controls, management appointment approvals, as well as remedial directions. Nonetheless, I would like to ask if there was any recent incident in Singapore that have prompted the introduction of this new legislation? Would the Ministry share the specific risk or vulnerability that is being addressed by this Bill? Under the designated entities regime, the key entities are the ones involved in the provision of essential transport services in Singapore. Would the Minister elaborate on the criteria to be used to determine which entities qualify as "essential" and the implications of this designation? As a small country with an open economy, for decades, we have been welcoming investments in many sectors from foreign companies. I would like to ask the Minister how the increased regulatory oversight would affect this sector's viability, performance, competitiveness, and attractiveness to both local and international investors. I am concerned about the potential dampening effect on collaboration, innovation and new investments. Mr Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.”
“] Clause 8 specifies that any distribution of dividends or payment of honoraria from reserves must be approved by the members of the society in the Annual General Meeting. How will the Registrar ensure that members are adequately informed and empowered to make informed decisions during these meetings? Clause 11 removes the requirement for the Registrar's approval for the issuance of bonds or debentures by co-ops. What safeguards will be put in place to prevent misuse or mismanagement of funds raised through such instruments? (In English): Sir, co-ops are different from other business entities in that they are based on members working towards common economic and social objectives. Hence, it is imperative that legislative changes enhance transparency, accountability and good governance. I look forward to the Ministry's response and clarifications on how the amendments will serve the best interests of our co-operative societies and their members.”
“Mr Speaker, Sir, I rise in support of the proposed amendments to the Co-operative Societies Act, which aim to enable co-ops to better utilise their reserves, provide legal clarity and make the necessary technical updates. The proposed amendments seek to address several key areas, including the broadening of the use of reserves by co-ops. Currently, co-ops face limitations in declaring dividends solely from the preceding year's surplus, which may not always align with their members' needs, especially in volatile environments. I have no objections to the amendments which would permit co-ops to use their reserves to distribute dividends to members or pay honoraria to members of the COM, subject to the approval of the Registrar of Co-operative Societies. While these amendments represent progress towards enhancing the regulatory framework for co-ops, there are certain aspects that warrant further scrutiny and deliberation. As we navigate through the clauses of the Bill, I would like to pose the following questions for consideration. Clause 2 defines the term "reserves" and makes consequential amendments to the definitions of "dividend" and "honorarium". Would the Minister elaborate on the criteria and considerations for the Registrar's approval of the distribution of dividends or payment of honoraria from reserves? Clause 5 reduces the number of signatories required for the registration of amendments to by-laws from three to one person. What measures will be in place to ensure accountability and transparency in the decision-making process regarding such amendments? Mr Speaker, Sir, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.”
“I would like to take this opportunity to ask the Ministry if the take-up rate for LPAs is on target? In addition, as I had shared in the House before, would the Ministry consider reviewing and enhancing the safeguards for Donors to prevent potential financial exploitation? If Donees siphon away or spend the Donors' monies carelessly, other family members or our national coffers will have to pay for the care of the Donors. Presently, these cases of opportunistic Donees are very few, but their numbers are likely to increase as our population ages. Finally, I would like to ask for an update on measures to simplify and expedite the process for deputyship, with reference to my own experience as a pro bono deputy with the OPG. For clients who have lost their mental capacity, medical diagnoses need to be submitted when applying for a Court order to appoint a pro bono Donee. What is the average duration required to retrieve such medical records? What is the role of the National Electronic Health Record (NEHR) system in assisting the affected parties with retrieving and sharing the necessary information in a timely manner?”
“Mdm Deputy Speaker, I declare my interest as a pro bono deputy with the Office of the Public Guardian (OPG). I support this amendment Bill, which is necessary to retroactively validate the electronic LPAs certified from 14 November 2022 to 4 January 2024. I was concerned to learn about the omission of the sentence in the LPA expressly stating that it is intended to be a deed. I would like to ask the Ministry to explain in greater detail, what exactly is the significance of an LPA being classified as a deed and why this distinction is important under the Mental Capacity Act? Secondly, the process of retroactive validation is through the inclusion of the new section 12B. All affected LPA documents will be validated when this section passes into law and comes into force. With this change, affected Donors do not need to remake their LPAs and they would not need to take any action. Mdm Deputy Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] May I seek clarification regarding the treatment of the electronic LPAs during interim period before the Bill becomes law? How are affected parties be protected and whether there have been any cases of disgruntled family members of affected donors contesting the validity of the LPAs and requesting new donees to be appointed? Considering that 87,000 electronic LPAs are affected, will the affected individuals be notified and updated on this retroactive validation? (In English): It was reported in the press that the Ministry had received feedback on the omitted sentence from a member of the public in October 2023. What measures are being taken to ensure that such omissions do not occur in the future, both in terms of electronic LPAs and other related documents?”
“However, I believe MAS deserves more authority to issue stiffer measures in this aspect as an errant service provider may use consumers' investments for its unregulated activities. What are the grounds for removal of key personnels? What are the attributes and factors that the single fit and proper test is looking out for? Under what circumstances will MAS approve the appointment of external auditors or agents by foreign regulators to conduct inspection of financial institutions? What type of information will be shared with these foreign regulators? The FIMA Bill allows for the service of notices, orders or documents by registered post and electronic services. Has MAS considered the relevant risk factors and what measures will be imposed? Notwithstanding the above-mentioned clarifications, I support the Bill.”
“Mr Speaker, Sir, I declare that I am working with a Singaporean bank. This legislative effort suggests a comprehensive approach to strengthen MAS' regulatory framework and adapt it to the evolving landscape of financial services. It aims to provide MAS with enhanced tools and flexibility to effectively regulate and supervise financial institutions operating under its jurisdiction. I therefore support the Bill, but I have few points to clarify with the Minister： With the enhanced power, how does MAS intend to synergise the information that it collects and harmonise, with the Suspicious Transaction Reports filed with the Suspicious Transaction Reporting Office? Can the enhanced intelligence be shared with other Government agencies, such as the Singapore Police Force and the Attorney-General's Chambers (AGC) seamlessly, so as to investigate and prosecute money laundering and terrorism financing cases swiftly? How can the enhanced power allow MAS to expedite investigations into licensed payment services providers for suspected failure to comply with its obligations? Mr Speaker, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] In order to investigate and prosecute money laundering and terrorism financing cases, can the enhanced intelligence be shared with other Government agencies, such as the Singapore Police Force and the Attorney-General's Chambers? How can the enhanced power allow MAS to expedite investigations into licensed payment services providers for suspected failure to comply with its obligations? (In English): This FIMA amendment Bill will allow MAS to issue written directions on the minimum standards and safeguards that should be in place when CMSL holders and their representatives conduct unregulated businesses.”
“Chairman, in Mandarin. (In Mandarin): [Please refer to Vernacular Speech.] The Building and Construction Authority (BCA) has set the Price Quality Method (PQM) for the evaluation of public sector tenders. These are construction tenders under the BCA Construction Workheads, which are estimated at $3 million and above. This framework assigns a range of weightages and scores price and non-price attributes to evaluate the construction tenders. The tenderer with the highest combined PQM score would be selected for award. Would the Ministry consider a review of the scoring system to include points for local construction companies? This would give them a higher chance to take part in the larger construction projects and this would also support the development of capabilities by our local construction companies. I hope to see more local construction companies to win large infrastructural projects in Malaysia and Indonesia. Industry Transformation with Innovation”
“Thank you, Speaker. I thank the Minister of State for his reply. Considering that other countries in the region are also strengthening their tourism sectors, may I ask, how does our Government maintain our competitiveness and strengthen our tourism competitiveness or proposition?”
“Green Procurement Criteria As one of the biggest purchasers of goods and services, the public sector plays an important role in setting an example and leading the country to develop green habits, develop and use greener products, as well as adopt greener practices. Since 2007, the Government had put in sustainability requirements for selected goods and services, such as information and communications technology (ICT) equipment, electrical appliances, paper, water fittings, buildings and vehicles. I support the Government's efforts to do even more to green its supply chain. Last year, the Government announced that it would set aside up to 5% of evaluation points for environmental sustainability in public sector tenders, starting with large construction and ICT projects. The reason for these two sectors is because, together, they make up more than 60% of the value of Government procurement contracts awarded. I would like to ask the Government what has been the response and feedback from these two sectors? May I also ask how the Government decided on the green procurement criteria for the construction and ICT sectors? The Government will gradually introduce sustainability practices or requirements into procurement into more sectors. What is the timeline to expand the adoption of these sustainability criteria to more public sector procurement sectors? Scope 3, Supply Chain and SMEs support”
“Chairman, I welcome MSE's inaugural GreenGov.SG report, which was released last December. It shows how the public sector is progressing in its green transition journey, including its use of electricity and water, as well as in reducing its emissions. I am sure all Singaporeans appreciate that the Ministry is being transparent and accountable to the public on its efforts to reduce its carbon footprint. Decisions like prioritising the reduction of single-use items, such as bottled water for meetings and disposables for meals, as well as measures to replace potable water with non-potable water for irrigation, general washing and cooling, will have an impact beyond the public sector. These actions are a positive influence for businesses and families who have yet to fully incorporate similar practices into their companies and lifestyles. The sources of emissions in the report refer to Scope 1 and 2 emissions. Direct emissions, such as those from waste burning as well as vehicles powered by internal combustion engines, fall under Scope 1. The use of electricity is categorised under Scope 2 emissions. In Singapore, over 90% of our electricity is generated from natural gas. Scope 3 emissions, which refer to the indirect greenhouse gas (GHGs) emissions incurred as part of an organisation's value chain, like the emissions from purchased goods and services or business travel by employees, were not included in the report. Scope 3 emissions may form a significant part of total emissions and may even exceed Scope 1 and 2 emissions combined. Would the Government consider including Scope 3 emissions and other additional information, like waste data, in its next report?”