Financial Crime World

Title: “MAS Cracks Down on Money Laundering: An Overview of Singapore’s Anti-Money Laundering Regulations and Enforcers”

What is Anti-Money Laundering (AML) in Singapore?

Singapore, a global financial hub, has comprehensive Anti-Money Laundering (AML) regulations to combat financial crime. As a member of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG), Singapore’s primary legislations against money laundering are:

  1. The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA)
  2. The Terrorism Suppression of Financing Act
  3. The Payment Services Act (PSA)

The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA)

  • Enacted in 1992
  • Criminalizes money laundering under Sections 43, 44, 46, and 47
  • Preventive measures against money laundering

The Terrorism Suppression of Financing Act

  • Enacted in 2002
  • Specifically addresses terrorist financing

The Payment Services Act (PSA)

  • Enacted in 2019
  • Took effect in January 2020
  • Monetary Authority of Singapore (MAS) as the regulator for payment compliance and enforcement agency for money laundering matters within financial institutions

Enforcing Agencies

The Monetary Authority of Singapore (MAS)

  • Pivotal role in AML enforcement in Singapore
  • Around 30 investigators in its anti-money laundering unit
  • Contributed to the resolution of the 1Malaysia Development Berhad (1MDB) scandal

Additional Agencies

  1. The Council for Estate Agents
  2. The Casino Regulatory Authority of Singapore

The Suspicious Transaction Reporting Office (STRO)

  • Primary intelligence unit
  • Receives Suspicious Transaction Reports (STRs), Cash Movement Reports (CMRs), and Cash Transaction Reports (CTRs)

The Commercial Affairs Department of the Singapore Police

  • Collaborates with the Attorney General’s Office for investigations into money laundering allegations

Other Agencies

  • Corrupt Practices Investigation Bureau
  • Central Narcotics Bureau (involved in cases involving drug trafficking)

In Short

Singapore offers a robust AML framework and dedicated enforcement agencies working to effectively address financial crimes. Familiarizing yourself with these regulations and enforcing agencies helps create a safer and more transparent financial landscape.

Stay informed and continue learning your journey on financial crime regulatory compliance.