Singapore government amplifies AML tactics with inter-ministerial panel


In a move to fortify its AML mechanisms, Singapore is establishing an inter-ministerial committee to safeguard its financial systems.

This committee, which marks a pivotal development in Singapore’s regulatory framework, will be chaired by Second Minister for Finance Indranee Rajah and will engage “relevant sectoral regulators,” according to Second Minister for Home Affairs Josephine Teo.

The committee’s inception comes amidst Singapore’s most substantial money laundering investigation, prompting proactive discourse within the parliamentary confines. It was reported that this initiative was spotlighted across three ministerial statements designed to respond to a volley of queries from the nation’s legislative body. A total of 57 questions from 30 Members of Parliament have surfaced in the recent sittings, reflecting a discerning focus on the country’s financial safeguarding mechanisms, as highlighted by Speaker of Parliament Seah Kian Peng.

This formidable committee has delineated its focus into four pivotal areas: augmenting the robustness against the abuse of corporate structures by money launderers, elevating control mechanisms and collaborations amongst financial institutions to thwart and spotlight suspicious transactions, involving various stakeholders like real estate agents to bolster defenses against money laundering risks, and enhancing Singapore’s monitoring and analytical capacities across governmental agencies to adeptly identify suspicious activities.

In a statement, Indranee outlined these focal points, illustrating a comprehensive and multi-sectoral approach towards thwarting money laundering endeavours. Concurrently, Teo disclosed that the government is also exploring the intensification of verification checks throughout the immigration process, while also advocating for a moderated approach in implementing new measures.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.