The Monetary Authority of Singapore, the city-state's financial regulatory body, is stepping up efforts to combat money laundering and terrorist financing activities by introducing two new regimes to fight financial crime.

In a speech delivered recently by Lee Boon Ngiap, assistant managing director for banking and insurance, it was revealed that over the past three years, 22 financial institutions have been fined for their engagement in such activities. On the same period, MAS has issued 47 warnings and reprimands, restricted the operations of seven financial firms and revoked or not renewed the licences of 13 money changers and remittance agents. The firms were not named. 

To address the concern, Ngiap said that the MAS is putting in place a more comprehensive regime for anti-money laundering (AML) and countering the financing of terrorism (CFT), ensuring that they are at pace with evolving global standards and are moving toward achieving the goal of "keeping the financial centre clean." 

"Singapore's laws and rules will continue to provide safeguards for legitimate funds and reject tainted money. There is no room for complacency," said Ngiap.