Compliance
Singapore Turns Up Heat On Money Laundering, Terrorism Financing
The Monetary Authority of Singapore is enhancing its oversight of money laundering and terrorism financing.
Singapore's financial regulator has joined forces with a unit of
the city-state's police force on a partnership that seeks to
stamp out money laundering and terrorism financing.
The Monetary
Authority of Singapore and the Commercial Affairs Department
yesterday sparked the Anti-Money Laundering and Countering the
Financing of Terrorism Industry Partnership (ACIP).
It unites industry participants, regulators, law enforcement
agencies and other government entities to collaboratively
identify, assess and mitigate the key money laundering and
terrorism financing risks facing Singapore, MAS said in a
statement. The partnership will also curb transnational risks
arising from Singapore's position as an international financial
centre and trade hub.
Relevant industry participants from within and outside the
financial sector will be invited to share and contribute to
working groups, which will share key information with the private
sector and other stakeholders to enhance the collective
understanding of risks.
“ACIP institutionalises the close partnership between the
Singapore government and the industry on AML/CFT matters,” said
Chua Kim Leng, assistant managing director of banking and
insurance at MAS. “This collaborative approach enables us to
identify and address money laundering and terrorism financing
risks from different angles so as to better detect, deter and
defend Singapore against financial crimes.”
The Asian jurisdiction has been closely involved in dealing with one of the largest illicit money scandals to have hit the region in recent years, namely claims that money taken from the Malaysian state-run 1MDB investment fund have been used by political and other figures for personal gain, and laundered via banks in locations including Singapore. The MAS has already kicked out Falcon Private Bank and BSI's Singapore unit from the jurisdiction, citing weak AML controls. It has also punished a number of banks for weak or inadequate procedures, including Standard Chartered and Coutts. It has also taken action against a former director of Goldman Sachs. (See here.)