Financial Crime World

Title: Singapore’s Battle Against Money Laundering and Financial Crime: A Look at the Regulatory Landscape

Singapore, known as a global finance hub, is at the forefront of the international community’s efforts to combat money laundering and financial crime. This city-state is a respected member of the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG), organizations dedicated to setting global standards for preventing and mitigating money laundering and terrorist financing.

Legislative Measures in Singapore

Singapore’s primary legislation against money laundering and terrorist financing includes:

  • Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA): Sections 43, 44, 46, and 47 focus on money laundering prevention and criminalization.
  • Terrorism Suppression of Financing Act: Enacted in 2002, specifically deals with terrorist financing.
  • Payment Services Act (PSA): Passed in 2019 and took effect from January 2020, sets expectations for payment service providers’ regulatory compliance.

Regulatory Bodies and Agencies

Key regulatory bodies and agencies in Singapore include:

Monetary Authority of Singapore (MAS)

  • Assumes a significant role in enforcing payment-related regulations as designated by the PSA.
  • Invests suspected money laundering cases within the financial sector.
  • Publishes Enforcement Monograph documenting their enforcement strategies.
  • Scrutinizes shell companies and employs around 30 investigators in their anti-money laundering unit.

The Suspicious Transaction Reporting Office (STRO)

  • Acts as Singapore’s intelligence unit to uncover money laundering schemes.
  • Receives Suspicious Transaction Reports (STRs), Cash Movement Reports (CMRs), and Cash Transaction Reports (CTRs) from financial institutions.

Additional Agency Bodies

  • Council for Estate Agents: Conducts investigations within the real estate industry.
  • Casino Regulatory Authority: Enforces regulations within the casino industry.

Primary Law Enforcement Agencies

Primary law enforcement agencies in Singapore involved in money laundering investigations are:

Commercial Affairs Department (CAD)

  • Spearheads investigations related to money laundering.

Attorney-General’s Chambers

  • Prosecutes money laundering cases.

Corrupt Practices Investigation Bureau (CPIB)

  • Invoved in investigations that involve suspected nexus to drug trafficking.

Central Narcotics Bureau (CNB)

  • Involved in investigations that involve suspected nexus to drug trafficking.

Stay Informed on Financial Crime Regulatory Compliance

As the fight against money laundering and financial crime continues, it’s crucial to remain informed about the latest regulations and enforcement trends. Contact us for more information on financial crime regulatory compliance.