Financial Crime World

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Singapore Takes Tough Stance on Money Laundering Prevention: What You Need to Know

In its effort to combat money laundering, Singapore has been actively implementing anti-money laundering (AML) regulations and strengthening its laws. As a member of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG), Singapore is committed to preventing the misuse of its financial system.

Anti-Money Laundering Laws in Singapore

The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA) serves as the primary law governing money laundering in Singapore. Sections 43, 44, 46, and 47 of the CDSA criminalize money laundering and set out measures to prevent it. Additionally, the Terrorism Suppression of Financing Act was passed in 2002 to combat terrorist financing.

Recent Developments

In recent years, Singapore has also strengthened its AML regulations through the Payment Services Act (PSA), which came into effect in January 2020. The PSA replaced two earlier laws and sets out regulatory expectations for payment service providers.

Role of the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) plays a crucial role in ensuring AML compliance. As designated by the PSA, MAS is responsible for pursuing allegations of money laundering within Singapore’s financial institutions. The agency has also published an Enforcement Monograph outlining its approach to enforcement and releases reports detailing its enforcement activity every 18 months.

Anti-Money Laundering Unit

In a recent move, MAS increased its scrutiny of shell companies in an effort to uncover money laundering schemes. The agency’s anti-money laundering unit employs around 30 investigators who work closely with other authorities to combat financial crime.

High-Profile Investigations

Singapore’s authorities have also played a significant role in high-profile investigations, such as the 1Malaysia Development Berhad (1MDB) scandal. This includes the arrest of Jho Low and the investigation of entities connected to illegal activity, including money laundering.

Other Agency Bodies

Other agency bodies, such as:

  • The Council for Estate Agents
  • The Casino Regulatory Authority of Singapore
  • Are also responsible for investigating allegations of AML in their respective industries.
  • The Suspicious Transaction Reporting Office (STRO) serves as the country’s intelligence unit, receiving suspicious transaction reports, cash movement reports, and cash transaction reports to identify potential money laundering schemes.

Investigation and Prosecution

The Commercial Affairs Department of the Singapore Police is the primary law enforcement agency tasked with investigating allegations of money laundering. The attorney general is responsible for prosecuting AML-related activity, while investigations may also involve other agencies such as:

  • The Corrupt Practices Investigation Bureau
  • Central Narcotics Bureau if there is a nexus to drug trafficking.

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