SINGAPORE: The Ministry of Law has issued a Protection from Online Falsehoods and Manipulation Act (POFMA) correction direction to multiple media organisations—including Bloomberg, The Edge Singapore, The Independent Singapore, and The Online Citizen—following an article that raised concerns over Good Class Bungalow (GCB) transactions.
Background of the Situation
On 12 December 2023, Bloomberg published an article titled Singapore Mansion Deals Are Increasingly Shrouded in Secrecy. The piece suggested a lack of transparency in property transactions, claiming there were no publicly available records unless caveats were lodged, and implying that identities of ultimate beneficial owners need not be disclosed.
Government’s Response
- According to the government’s fact-checking site, several claims in the article were identified as false.
- The accusations inferred that Singapore lacks a robust legal framework to tackle money laundering issues in property transactions.
- Law and Home Affairs Minister K Shanmugam and Manpower Minister Tan See Leng labelled the statements as libellous and indicated that legal action could follow if demands were not met.
Apologies and Corrections
In the wake of the correction order, The Edge Singapore issued an apology on 24 December 2023. The publication acknowledged that its reproduction of Bloomberg’s article portrayed the ministers in a false light, suggesting they might benefit from a lack of regulatory scrutiny in property dealings.
Statements from The Edge Singapore
The Edge expressed regret over the distress caused to the ministers and confirmed that they had removed the controversial article and accompanying posts from their platforms.
As the situation unfolds, it highlights the importance of journalistic integrity and the potential ramifications of misinformation in the realm of property transactions in Singapore. With confidence in the government being paramount, clarifications such as these are crucial.