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Explainer: What is money laundering & how can countries prevent it?

Anna Maria Romero
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Explainer: What is money laundering & how can countries prevent it?

SINGAPORE: Money laundering has been in the news lately, with one of the biggest scandals in the country’s history discussed in Parliament just this week. In August, 10 foreigners faced charges in court after authorities seized and froze around S$1 billion in assets, including luxury real estate, vehicles, luxury goods, gold bars, cryptocurrencies, and cars.

The assets involved have since been calculated to be worth S$2.8 billion, and the Monetary Authority of Singapore is looking into the roles that financial institutions played in the scandal, and after the arrests were made in August, local banks said they would be stepping up scrutiny of overseas customers.

On Wednesday (Oct 4) police in Italy arrested 33 individuals as part of a crackdown of money brokers from China who reportedly took part in laundering over 50 million euros (S$71.6 million) from drug trafficking groups.

But what exactly is money laundering? Why is it so dangerous? And what can each country do to better protect itself from this type of criminal activity?

“Money laundering involves disguising financial assets so they can be used without detection of the illegal activity that produced them. Through money laundering, the criminal transforms the monetary proceeds derived from criminal activity into funds with an apparently legal source,” says US government site fincen.gov.

Notably, it has become easier for money launderers to transfer and withdraw money without being detected through cryptocurrencies and online banking. Both white-collar as well as street-level criminals participate in money laundering, which can have severe consequences on society. Money laundering operations have helped fuel drug dealers, terrorists, arms dealers, and other criminals not only to operate but also to expand their activities.

It’s no wonder that in recent years, countries have stepped up their efforts to fight money laundering. In March, the European Union announced new measures against money laundering and terrorist financing, including requiring entities such as banks, assets and crypto assets managers, real and virtual estate agents and high-level professional football clubs, to verify their identities, as well as what they own and who controls the company. Limits on transactions where customers cannot be identified have also been imposed, and member states are required to establish a financial intelligence unit (FIU)  to combat money laundering.

In Singapore, Second Minister for Home Affairs Josephine Teo, who called the recent scandal one of the biggest in the world, announced this week that there will be a new inter-ministerial committee to evaluate the country’s anti-money laundering laws and to make sure its policies stay up to date, given that crimes have become more sophisticated.

/TISG

S$2.8B money laundering scandal may have ties with family offices

‘He wants special treatment’ – Shanmugam, Vivian respond to LHY’s offer of international arbitration

Jewel Stolarchuk
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‘He wants special treatment’ – Shanmugam, Vivian respond to LHY’s offer of international arbitration

SINGAPORE: Cabinet Ministers K Shanmugam and Vivian Balakrishnan, who are suing Prime Minister Lee Hsien Loong’s estranged brother Lee Hsien Yang for defamation, have characterised Mr Lee Hsien Yang’s offer of international arbitration as a desire for “special treatment”.

The ministers are suing Mr Lee over a Facebook post he made on July 23, which referenced their rentals of two state-owned bungalows. The Government issued a correction direction under the Protection from Online Falsehoods and Manipulation Act (POFMA) to Mr Lee, asserting that his post contained untrue statements.

Mr Lee complied and posted the correction notice but published a new post two days later, saying he stood by what he wrote.

The ministers, meanwhile, initially sent legal letters to Mr Lee promising to sue him unless he apologised, retracted his allegations and paid damages.

Mr Lee declined to do so and invited the ministers to sue him in the UK since the post was made abroad. The ministers’ legal teams subsequently served court papers on Mr Lee via Facebook Messenger.

Yesterday (5 Oct), Mr Lee revealed on Facebook that he has suggested to the ministers that the issue can be resolved through an independent arbitration where they each choose an arbitrator of high international standing.

He said, “The Ministers’ nominee could be, if they wish, a retired Singapore Supreme Court judge. The two arbitrators in turn could choose a third individual. The proceedings would be conducted in confidence but the decision would be made public, and be final and binding on all parties.”

Rejecting this suggestion, the ministers said in a statement late last night: “For decades now, countless Singaporeans have sued in the Singapore Courts for defamation that is published to people in Singapore. These cases are decided by our impartial judiciary which applies the law.

“We have been advised that Mr Lee Hsien Yang’s statements, made about us, are false and defamatory. We gave him an opportunity to withdraw his statements and apologise. Mr Lee did not do so, leaving us no option but to sue.

“Mr Lee’s statements related to events in Singapore, and were meant primarily for a Singaporean audience. His primary audience was not in the UK. We have sued Mr Lee for a libel that was published to the people in Singapore, which concerns Singaporeans, and which is based on the laws of Singapore.

“If Mr Lee thinks that there is no basis for the legal action, he should welcome the opportunity to defend himself in open Court where he can cross-examine us, and we can cross-examine him, in the full view of the Singapore public.”

The Ministers went on to claim that the suggestion reveals a desire for special treatment and be exempt from rules ordinary Singaporeans are expected to abide by. They said:

“What Mr Lee really wants is special treatment. He wants to be treated differently from Singaporeans (and even foreigners) who are sued in Singapore for defamation. Mr Lee should explain why he is entitled to make libellous statements, and yet be exempt from the rules that apply to the rest of us.”

Key Financial Trends Of Last Month To Take Note Of

valuechampion
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Key Financial Trends Of Last Month To Take Note Of

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Singapore Scam Cases Continue to Climb

Despite widespread reporting, scam cases in Singapore continue to rise. This disturbing trend was highlighted in recent news reports, and total losses for the first half of 2023 has already exceeded S$330 million.

Worryingly, scam victims have been trending younger, not older. Young adults aged 20 to 39 made up more than half of all scam cases reported this year. They mostly fell victim to e-commerce scams, job scams and phishing scams – mainly conducted over digital messaging, social media platforms, e-commerce, phone calls and SMSes.

The occurrences of online scams and cybercrimes are intensifying. There were a total of 24,525 cases in the first half of 2023, up from 14,481 cases in the same period in 2022 – an increase of 70%.

The police also highlighted the emergence of a new type of Android malware scam, in which victims are tricked into downloading and installing malicious software which allows scammers to take control of their mobile phones.

The victims’ bank accounts are drained of funds without their knowledge. Notably, this type of scams have been linked to seemingly innocuous offers for groceries and food items, including mooncakes. A recent report highlighted how mooncake buyers lost over S$300,000 this way.

online scams
Source: Unsplash

What this may mean for you

Clearly, scammers are never going to stop looking for victims. They are also constantly looking for new and tricker ways to defraud you of your money. Despite the best efforts of the authorities, alarmingly large sums continue to be lost to scammers.

Thus, the onus is on consumers like us to be extra careful and vigilant when dealing with parties online. This involves learning how scammers and their schemes operate so we can better spot a scam coming our way.

You should also instil some useful habits. For instance, never download anything from unknown or dubious third parties. Consider installing a cybersecurity suite on your mobile phone and devices connected to the Internet to help intercept malware and other cyber attacks.

Additionally, make it a point to only transact on proven e-commerce platforms with robust consumer or fraud protection. That way, you have an added layer of protection when shopping online.

Also, simply ignore any unsolicited instant messages and social media invites from strangers. This will weed out the vast majority of such scams from reaching you.

Related: How to Avoid Bank Scams in Singapore Using a Secure Savings Account

slowing economy port singapore
Source: Unsplash

Economists Cut Growth Expectations For Singapore

Private sector expectations for Singapore’s economy have dimmed, with growth expectations revised to 1% for 2023. This is an appreciable decline from the 1.4% projected earlier in June.

This gloomy sentiment was revealed after a survey by the Monetary Authority of Singapore (MAS) involving 22 economists and analysts in total. The main reason cited for downside risk was a slowdown in the external growth environment. China’s economic slowdown and continued inflationary pressures were also pointed out as contributing factors.

The 1% growth estimate for Singapore’s economy was in line with the Ministry of Trade and Industry’s (MTI) forecast of 0.5% to 1.5% GDP growth for the year.

Analysts polled by MAS expect the manufacturing sector to contract by as much as 4.4%, owing to weakened external demand. This is a much sharper decline than the 1.3% contraction predicted previously.

While Singapore’s manufacturing sector – a key growth driver – had been in contraction for about a year now, signs of recovery have been spotted, including smaller contractions recently.

Finally, private sector economists also expect inflation to remain elevated at 4.1% for the year, with relief only coming in 2024, where inflation is expected to moderate to around 2.8%.

What this may mean for you

The combination of high inflation and sluggish GDP growth is undoubtedly worrisome for the average Singaporean. Now more than ever, caution and nuance is advised when considering decisions that could have a large financial impact.

If unsure, it may be prudent to defer making any changes until more certainty prevails – unless you have the financial resources to cope with any unintended fallout.

Related: How to Save on Food Costs in Singapore During Times of Inflation

BlackRock SHX sustainable ETF
Source: MorningStar

BlackRock and SGX Launch New Climate Action ETF

The Singapore Exchange (SGX) has teamed up with investment firm BlackRock to launch a new exchange-traded fund (ETF) focused on climate action.

The S$580 million fund – Singapore’s largest equity ETF to date – aims to spur sustainable investing by tracking a selection of companies as they progress towards lowering their carbon footprints.

According to BlackRock, the companies selected for the ETF include the best-in-class companies across the Asia-Pacific (excluding Japan) committed to reducing carbon emissions. This, the investment house says, offers a credible avenue for retail investors to participate in the development of the global low-carbon transition investment ecosystem.

The ETF, named – iShares MSCI Asia ex-Japan Climate Action ETF (ticker symbol: ICM) – is anchored by Prudential, one of the region’s largest asset owners, and backed by a consortium of investors including Temasek and Singlife.

The fund is tradeable in USD and SGD. It has a total expense ratio of 0.18%.

What this may mean for you

Here’s your chance to increase your portfolio holdings with a climate-focused ETF to fulfil your sustainable investing goals.

But before you rush to subscribe, note that at 0.18%, this ETF has quite a costly management fee. You may want to wait a while to see if the fund’s performance justifies the expense ratio.

Related: Environmental, Social, & Governance (ESG) Investing in Singapore: The What, Why and Hows Behind Sustainable Investing.

Looking to invest in ETFs? Check out our team’s roundup of the best online brokerages.
 

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74-year-old man tries to buy Peking duck online, ends up losing S$70,000 of life savings

Anna Maria Romero
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74-year-old man tries to buy Peking duck online, ends up losing S$70,000 of life savings

SINGAPORE: Another day, another story of an older Singaporean losing his or her savings to a scammer after being tricked into downloading an app that contained malware. This time, the victim was a 74-year-old man who had only wanted to buy Peking duck online but ended up losing S$70,000 of his life savings.

The man, identified as Mr Loh, had seen an offer on Facebook on Aug 26 for 1.5 kilos of Peking duck at S$23.80, plus a shipping fee of S$5. The dealer’s name was Xiao Xiao Ya Zi, reported the Chinese-language Shin Min Daily News.

He wanted the dish for a family dinner that day and thought that his grandson would like to have some. After clicking on the ad, Mr Loh received voice messages on WhatsApp from the vendor, telling him to download and install an app on his phone called Grab & Go. According to the app, the order would proceed once he deposited S$5 via PayNow.

At first, Mr Loh, who used to be an importer, was aware that the offer could be a fraudulent one and actually asked the supposed sales agent from Xiao Xiao Ya Zi if the deal was a scam. However, he was convinced by the person he spoke to to make the deposit through PayNow. The scammer told Mr Loh that “no one would be cheated of $5,” The Straits Times reported.

Shortly after he made the payment, however, his phone showed a black screen and took half an hour to reboot. Panicking, Mr Loh then tried to reach the scammer again, but was reassured by him that this was a normal occurrence. However, this was overheard by his wife, who was so alarmed that she told her daughter what was going on. The daughter, in turn, called her brother to ask DBS to block Mr Loh’s account.

But by then the scammer increased the transaction limit on Mr Loh’s account and emptied it of S$58,800, and also used the DBS credit card of Mr Loh to get a credit advance of around S$11,000.

Mr Loh expressed frustration with himself to ST, saying “I couldn’t believe the news. I thought: Why am I so stupid? I was so angry at myself for being cheated of my life savings. My family is frustrated, and I ended up quarrelling with my wife.”

His children, who had warned him of such scams a number of times in the past, were greatly dismayed that their father had been tricked in this way, as they believed they had done enough to minimize the risks that he would be scammed. Their father has now removed Facebook and banking apps from his phone.

/TISG

Woman loses S$100K+ savings after downloading durian tour app

Manchester United Supporters’ Indignant Response To The Most Recent Jadon Sancho Move News Is, “Needs To Rebuild His Attitude First Before His Career.” » Sportsry

Nidhi Arora
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Manchester United Supporters’ Indignant Response To The Most Recent Jadon Sancho Move News Is, “Needs To Rebuild His Attitude First Before His Career.” » Sportsry

The possibility of Jadon Sancho going back to Borussia Dortmund has Manchester United supporters buzzing. A resurgence of interest in Sancho’s old club has been caused by his poor performance since joining for €85 million from BvB two summers ago, as well as a public feud with manager Erik ten Hag.

With only 12 goals and 6 assists in 82 games for United, compared to his outstanding 50 goals and 64 assists in 137 games for Dortmund, the thought of a return has left fans wondering what went wrong and what the future holds.

Since Manchester United’s 3-2 victory against Nottingham Forest one month ago, Sancho has been on the sidelines. His attitude in training during the 3-1 loss to Arsenal was cited by manager Ten Hag.

In a since-deleted tweet, Sancho made an allusion to unfair treatment. As a result, the club suspended him from first-team activities until he offered the manager an overdue apology, raising questions about his immediate future there.

  • According to Florian Plettenberg of Sky Sports, Sancho might return to BvB on loan in January.
  • Fans stress that changing one’s mentality is essential to reviving Sancho’s career.
  • Sancho has made six appearances this season without scoring a goal, failing to earn any starting positions.

Lisandro Martinez won’t play against Galatasaray for Manchester United.

Lisandro Martinez will not be playing for Manchester United against Galatasaray on October 3 at Old Trafford due to an injury to manager Erik ten Hag.

Injury-prone Martinez suffered a metatarsal injury against Sevilla in the quarterfinal of the UEFA Europa League last season, which prevented him from playing this season. The team’s resiliency in the face of this challenge on the European stage is strengthened by his absence.

The steadfast defender returned to action for the preseason, appearing on the pitch for four league matches and showcasing his abilities and commitment. But fate had another plan when the ongoing problem resurfaced during the Arsenal game in August.

Ten Hag has already announced that the 25-year-old celebrity and FIFA World Cup champion would miss some time on the pitch due to a necessary surgical procedure. Fans are waiting with bated breath for his triumphant return to the pitch as the road to recovery beckons.

LaMelo Ball And The Hornets Will Wear Which YouTube Star’s Logo This Year?

Nidhi Arora
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LaMelo Ball And The Hornets Will Wear Which YouTube Star’s Logo This Year?

The Charlotte Hornets have made history by signing a ground-breaking jersey patch sponsorship agreement with none other than Mr. Beast, the online identity of Jimmy Donaldson who has the greatest individual subscriber base on YouTube. By forging this innovative alliance, the NBA franchise consolidates its position as a trailblazer in incorporating influencers into the world of professional sports.

The Hornets proudly announce their premier sponsorship agreement, marking a pivotal moment for the team under new ownership headed by hedge fund gurus Rick Schnall and Gabe Plotkin.

On Hornets’ uniforms and backdrops for press conferences, ‘Feastables’, Mr. Beast’s organic chocolate line free of artificial flavors, is prominently displayed. A mouthwatering blend of passionate basketball fanaticism and luxurious chocolate indulgence, bringing the team’s future into the light.

The other business partners of the Charlotte Hornets

The Charlotte Hornets have a solid association with Novant Health, a significant sponsor since 2004, in the thriving realm of business alliances. Their relationship was recently extended.

Due to a naming rights agreement that was made with Time Warner Cable in 2008, the arena they control proudly bears the name Spectrum. These partnerships strengthen the Hornets’ position while also serving as a representation of their enduring success in both the game and the corporate world.

Time Warner’s arena changed its name to the Spectrum Centre in 2016 and was acquired by Charter Spectrum. LendingTree has been replaced as the jersey’s sponsor by Feastables. Ally Bank renewed its collaboration last year, capitalizing on its significant local business presence. At the remodeled Spectrum Centre, a fusion of business and sports is in store.

With the inclusion of new promotional opportunities across gaming and digital platforms, Ally has strengthened its engagement with Charlotte. A captivating social media video starring the team’s rookies from the previous season has also been funded by them.

The Hornets are eager for a rebound after a terrible 27-55 season and are seeking to end their postseason drought, which dates back to 2016, which would be the NBA’s longest skid. Their dreams for a great comeback are motivated by hope and resolve.

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Shericka Jacksons skyrockets to 2nd spot on the list of ‘Greatest Women Combo Sprinters’

The photo above is from Instagram

How Did Stephen Smith And Malika Andrews Fare After Threats

Nidhi Arora
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How Did Stephen Smith And Malika Andrews Fare After Threats

Malika Andrews, a well-known ESPN anchor, received worrying threats, which prompted her to obtain a restraining order. In addition to Andrews, Stephen A. Smith and Molly Qerim were also the targets of Ahmed Abubakar, a persistent harasser for more than a year. A disturbing trend of harassment inside the ESPN community has been revealed by disturbing events.

Abubakar, a 41-year-old resident of the New Jersey region, is said to have obtained Malika Andrews’ personal phone number over the summer, which resulted in unsettling calls. Serious concerns are also raised by reports of suspicious and unauthorized trips to Qerim’s.

TMZ said; “Andrews claims in court documents, obtained by TMZ Sports, that Ahmed Abubakar, a 41-year-old New Jersey resident, is the guy who has made her and some of her colleagues’ lives a living hell for much of the past year,” an article from sportskeeda.com mentioned.

Threats against Malika Andrews

In a harrowing turn of events, ESPN’s Molly Qerim reported an unnerving incident in August 2023, as Ahmed Abubakar appeared uninvited at her home, leading to his subsequent arrest.

Shockingly, Abubakar’s fixation shifted to another ESPN anchor, Malika Andrews, prompting her to file a police report, marking the second such incident involving an ESPN employee in just two months. In response to escalating concerns, Andrews took decisive action, seeking a restraining order to ensure her safety.

Andrews, her fiance, Dave McMenamin, Stephen A. Smith, and Molly Qerim are now covered by a restraining order, potentially bringing an end to an ESPN incident. Meanwhile, Andrews’ career is flourishing. A pioneer, she made history in 2022 when she became the first female presenter of the NBA playoffs, solidifying her place in the annals of sports media.

Due to Abubakar’s activities, Andrews, who is now well-known in America, has to deal with constant internet hatred that has reached a severe level. Her enormous recognition has resulted in this agony, which is affecting both her personal life and the lives of her coworkers.

Read More News

Wander Franco: A $182,000,000 star’s future and a change in locker location

The photo is from Instagram

Lee Hsien Yang suggests independent arbitration to resolve defamation suit by K Shanmugam and Vivian Balakrishnan

Obbana Rajah
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Lee Hsien Yang suggests independent arbitration to resolve defamation suit by K Shanmugam and Vivian Balakrishnan

SINGAPORE: Lee Hsien Yang took to social media on Thursday (Oct 5) afternoon suggesting an independent arbitration as a means of resolving the defamation suit between himself and Ministers K Shanmugam and Vivian Balakrishnan.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

According to the Law Society of Singapore, an arbitral award made by an arbitrator is binding on the parties to the dispute. This means that the parties must comply with the decision of the arbitrator or arbitral tribunal. A party can choose to enforce an arbitral award against the other party by registering the award with the relevant court.

In his post, Mr Lee wrote: “I have since responded to suggest the following means of resolution: that we mutually agree to an independent arbitration where we each choose an arbitrator of high international standing. The Ministers’ nominee could be, if they wish, a retired Singapore Supreme Court judge”. He added that the two arbitrators in turn could choose a third individual. He explained that the proceedings would be conducted in confidence, but the decision would be made public, and it would be final and binding on all parties.

On Sept 16 this year, Mr Lee was served legal papers by Cabinet Ministers K Shanmugam and Vivian Balakrishnan as part of a defamation lawsuit they have filed against him. Mr Lee wrote on Facebook on Sept 16: “Ministers Shanmugam and V Balakrishnan have just served papers for the alleged defamation on me. The Singapore courts gave permission for them to do so via facebook message.”

The ministers are suing Mr Lee over a Facebook post he made on July 23, which referenced their rentals of two state-owned bungalows. Both ministers initially sent legal letters to Mr Lee promising to sue him unless he apologised, retracted his allegations and paid damages. Mr Shanmugam said: “Lee Hsien Yang has accused us of acting corruptly and for personal gain by having Singapore Land Authority (SLA) give us preferential treatment by illegally felling trees without approval, and also having SLA pay for renovations to 26 and 31 Ridout Road. These allegations are false.”

The Government also issued a correction direction under the Protection from Online Falsehoods and Manipulation Act (POFMA) to Mr Lee, asserting that his post contained untrue statements. Mr Lee complied and posted the correction notice but published a new post two days later, saying he stood by what he wrote. Asserting that he was simply stating facts, he invited the ministers to sue him in the UK if they were sure of their case since the post was made within the UK. The Cabinet ministers’ legal teams then filed an application for substituted service to serve court papers on Mr Lee via Facebook Messenger.

In his post on Oct 5, Mr Lee wrote: “I suggested to Ministers K Shanmugam and V Balakrishnan that they should sue me in London courts, since the statement which they took offence to was made in the UK. London has long been a jurisdiction of choice for defamation suits. They have declined to do so, and have instead proceeded to take action in the Singapore Courts and have been given permission to serve papers via Facebook instead of in person”. /TISG

EZ-Link allegedly refused to refund $23 stored value of lost card because user owed 77 cents from failed auto top-up 8 years ago

Jewel Stolarchuk
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EZ-Link allegedly refused to refund $23 stored value of lost card because user owed 77 cents from failed auto top-up 8 years ago

SINGAPORE: In a frustrating ordeal that lasted for months, a Singaporean found herself entangled in a bureaucratic hassle with EZ-Link Pte Ltd after losing her father-in-law’s EZ-Link card in June of this year.

Her predicament began when she applied for a refund, only to be informed that the refund couldn’t be processed due to an outstanding balance of 77 cents from a failed automatic deduction dating back eight years.

Ms Sun (transliterated from Mandarin) told Channel 8 news that the lost card was registered under her EZ-Link mobile app so she promptly reported the loss, terminated the card, and initiated a refund request, as the card held a stored value of $23.05 at the time of its disappearance.

However, her pursuit of a refund took a frustrating turn. Despite receiving an email from EZ-Link Pte Ltd inquiring about her application, her follow-up inquiries and requests for a refund went unanswered. Calls and messages to the company were met with silence.

It wasn’t until two months later, on August 22, that Ms Sun received an email from the company. This email informed her that her refund request could not be granted due to an outstanding 77-cent balance from another card linked to her account. The email also clarified that when users activate the automatic recharge function, EZ-Link first tops up the card and then attempts to retrieve the funds from the user’s registered automatic top-up account. Outstanding amounts arise when EZ-Link fails to access funds from the user’s bank or credit card account.

Perplexed by this revelation, Ms Sun questioned why EZ-Link was addressing this issue after eight years of silence, particularly when she had no knowledge of an unsettled balance in the first place. Despite her demands for an explanation, the company remained unresponsive. It was only on September 20, after she called the company again, that staff promised that a manager would contact her.

A manager finally contacted Ms Sun on Monday (Oct 2) and informed her that her refund request was granted. Ms Sun said:

“I received a call yesterday and they said they would return the money to me, but there was no further information. So my money has been received, but I’m afraid no one is following up on this systemic problem.”

Ms Sun told the Chinese daily that she believes that it is very unreasonable for the company to find out after eight years that the customer owes money. She also revealed that she has had constant problems using the EZ-Link mobile app over the years and expressed hope the app can be improved.

Louis Chua calls for laws for flexible work arrangements, but MOM warns they could create a ‘more acrimonious work culture’

Anna Maria Romero
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Louis Chua calls for laws for flexible work arrangements, but MOM warns they could create a ‘more acrimonious work culture’

SINGAPORE: Workers’ Party MP Louis Chua (Sengkang GRC) outlined the benefits of Flexible Work Arrangements (FWA) such as work from home or hybrid schedules for employees, noting that studies have shown that many Singaporean workers have expressed their preference for such arrangements. However, when he called for legislating FWAs in Parliament on Wednesday (Oct 4), Minister of State for the Ministry of Manpower (MOM) Gan Siow Huang warned that such arrangements may end up not working for everyone.

The past few years have shown that FWAs are “transformational” for workers, said Mr Chua, which is why it’s an issue he’s embraced since he started in Parliament in 2020. He has consistently called on the Government “to give employees the legislative right to FWAs rather than non-legally binding advisories, and for the Government to lead by example.”

Mr Chua told the story of one Sengkang resident who had asked for a FWA. The mother of two, who has one child needing special attention, asked if she could keep to an FWA to take better care of her children.

“Her boss quipped that her kids are not even dying, if they were, then the company can consider giving more flexibility,” the MP said, adding that he finds the mindset of “if you are not in the office, how do I know that you are working” very troubling.

He also cited the country’s troublingly low fertility rate, with a CNA and YouGov poll showing that some are reluctant to start families as this would affect their work and lifestyles. But these issues could be addressed by FWAs, he said.

Workers in Singapore have said that they would prefer FWAs, with one recent study showing that Singapore jobseekers are still looking to work from home, even though employers may be feeling otherwise. Another showed that workers would consider resigning if their bosses insist on daily work from the office, instead of flexible work from home.

“Mr Speaker, let us take bold and decisive steps to enshrine flexible work arrangements in law, and send a strong signal to the world that our economy, our workplace, and our workforce are ready for the future economy,” urged Mr Chua.

Ms Gan acknowledged that the issue is an important one but cautioned, “Turning flexible work arrangements into something rigid could be detrimental to businesses, and even to workers themselves.”

She added that employers are encouraged by MOM to find arrangements that would be beneficial to both workers and companies and said that tripartite guidelines on flexible work arrangements will be introduced by MOM next year.

She added, ”We have to be mindful of the risk of creating a more acrimonious workplace culture if both parties can easily take their flexible work arrangement disputes to court or tribunal, instead of working out mutually suitable arrangements amicably.”

/TISG

Singapore jobseekers are still looking to work from home, but employers may be feeling otherwise

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