Singapore has announced a series of measures aimed at strengthening its anti-money laundering framework. The initiatives include enhanced inter-agency data sharing, the removal of inactive companies, and increased outreach to businesses to encourage the reporting of suspicious activities.
The measures come in response to the discovery of a major money laundering network last year, which led to the seizure of over $2.2 billion in assets and the conviction of 10 individuals for laundering large sums of money.
Authorities have also taken legal action against two former bankers in connection with the case, charging them in August with facilitating money laundering through forged documents.
Key steps outlined include flagging and deregistering inactive companies, improving data sharing among government agencies, and educating non-regulated sectors such as car dealerships on identifying and reporting suspicious transactions. These measures are expected to be rolled out over the next year.
Some changes have already been implemented, such as lowering the cash transaction threshold for customer due diligence at casinos from S$10,000 to S$4,000 ($3,087) and updating laws to streamline the prosecution of money laundering offences.
Indranee Rajah, Singapore’s Second Minister for Finance and chair of the inter-ministerial committee overseeing these efforts, emphasized the importance of balancing robust enforcement with maintaining a conducive environment for legitimate businesses.
“The system cannot be too lax, but at the same time, it cannot be too stringent,” she said, noting the need to keep Singapore both a free and open economy while deterring illicit funds.
Rajah also highlighted the evolving nature of money laundering risks faced by financial and business hubs globally and reaffirmed Singapore’s commitment to taking decisive action against offenders.
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