Financial Crime World

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Singapore’s Crackdown on Money Laundering and Terrorism Financing: A Whole-Of-Government Approach

In its relentless pursuit to combat money laundering (ML) and terrorism financing (TF), Singapore has adopted a whole-of-government approach led by the Anti-Money Launderling and Countering the Financing of Terrorism Steering Committee. The committee, comprising top officials from the Ministry of Home Affairs, Ministry of Finance, and Monetary Authority of Singapore, aims to detect, deter, and prevent ML and TF threats.

AML/CTF Policy Objectives

Singapore’s AML/CTF policy objectives are centered on:

  • Having a sound legal framework
  • Low crime rate
  • Intolerance for corruption
  • Efficient judiciary
  • Close international cooperation
  • Established culture of compliance

To achieve these objectives, the government:

  • Allocates law enforcement resources on a risk-sensitive basis
  • Maintains close policy coordination with other agencies
  • Takes a preventive approach by imposing tough licensing requirements and strict regulations

Environmental Crime Money Laundering National Risk Assessment

Singapore’s Environmental Crime Money Laundering National Risk Assessment (NRA) identified key threats and vulnerabilities stemming from:

  • Illegal wildlife trafficking
  • Logging
  • Waste trafficking

The NRA recommends that relevant law enforcement agencies and financial institutions enhance their awareness of environmental crime ML risks and implement controls to mitigate these risks.

Terrorism Financing National Risk Assessment 2020

Singapore’s Terrorism Financing National Risk Assessment 2020 found that the country is exposed to TF threats posed by terrorist groups both regionally and internationally. Certain sectors, such as:

  • Money remittance providers
  • Banks

are more vulnerable to TF threats due to their ease of access and Singapore’s status as a financial hub.

National Strategy for Countering the Financing of Terrorism

Singapore has formulated its National Strategy for Countering the Financing of Terrorism (CFT), which outlines a five-point strategy comprising:

  1. Coordinated risk identification
  2. Strong legal frameworks
  3. Robust regulatory regimes
  4. Decisive law enforcement actions
  5. International partnerships

The country has also taken decisive action against TF activity, including convictions in recent years.

Whole-Of-Government Approach

The government’s whole-of-government approach to combating ML/TF threats is reflected in its commitment to:

  • Staying vigilant of identified risks
  • Raising awareness among private sector entities
  • Enhancing coordination across law enforcement agencies, policymakers, regulators, and supervisors

Private sector entities are advised to incorporate the findings of Singapore’s national risk assessments into their risk-based approaches to countering ML/TF threats.

CFT National Strategy

Singapore’s CFT National Strategy serves as a roadmap for future action plans and guides the development of measures to prevent, detect, investigate, and enforce against TF. The country’s commitment to combating ML/TF threats underscores its dedication to protecting the integrity of its financial system from illegal activities and illicit fund flows.

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