Correction orders issued to four news outlets for inaccurate reporting on property regulations.

Singapore has invoked its Protection from Online Falsehoods and Manipulation Act (Pofma) against Bloomberg and three other news outlets for allegedly publishing false information about the transparency of Good-Class Bungalow (GCB) transactions. The government asserts that these inaccuracies undermine public trust and misrepresent the country’s robust anti-money laundering framework in real estate.

Singapore’s Ministry of Law took corrective action against Bloomberg, The Edge Singapore, The Independent Singapore, and The Online Citizen for publishing articles that inaccurately portrayed the country’s property transaction framework. The Bloomberg piece, titled “Singapore Mansion Deals Are Increasingly Shrouded in Secrecy,” sparked significant government scrutiny.

The Bloomberg article alleged that Singapore lacks transparency in GCB transactions, claiming insufficient government checks on beneficial ownership and the absence of public records if caveats were not lodged. The government refuted these claims, stating its stringent disclosure requirements.

The Residential Property Act mandates approval for foreign buyers seeking to purchase landed properties, including GCBs. Since 2021, no foreign individuals or entities have been granted approvals for GCB acquisitions, reinforcing the system’s stringency.

Singapore’s anti-money laundering framework includes regulated private-sector gatekeepers, such as real estate agents and financial institutions, which are required to verify customer identities, wealth sources, and funds’ origins. Lawyers involved in transactions are also bound by these obligations.

Correction orders under Pofma required the outlets to include notices on their articles and social media posts. While The Edge Singapore and The Independent Singapore complied by removing their articles, The Online Citizen retained its post with the required corrections.

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This marks the fourth invocation of Pofma in December alone. Singapore has employed the law 72 times since its 2019 inception, targeting individuals, media outlets, activist groups, and platforms to combat misinformation.

The Singapore government’s decisive action demonstrates its commitment to maintaining transparency and accountability in property transactions. The move reinforces confidence in Singapore’s rigorous legal and financial safeguards.

Singapore invoked its fake news law against Bloomberg and three other outlets for publishing inaccuracies about property transactions, emphasizing its robust anti-money laundering and disclosure frameworks. The action underscores Singapore’s dedication to upholding transparency and public trust.

Source: SCMP (2024)

Keywords: Fake News Law, Property Transparency, Singapore Claims