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Singapore Has Important Part To Play In Global Money-laundering Fight

by April 13, 2016 General

SINGAPORE, April 13 (Bernama) — The city-state is renowned as an international financial centre, and has an important part to play in the global effort against money laundering, Channel NewsAsia reported Wednesday.

Quoting Minister in the Prime Minister’s Office Chan Chun Sing, the news portal said that the Monetary Authority of Singapore (MAS) has put in place a “robust preventive regime” that combines tough licensing requirements, strict regulations and rigorous supervision.

Chan was speaking on behalf of Prime Minister Lee Hsien Loong at the Committee of Supply debate.

“Financial institutions here have to put in place controls to detect and deter illicit funds through the Singapore financial system. They are required to report any suspicious transactions that they come across,” Chan was quoted as saying.

The report said the Minister also pointed to the Suspicious Trade Reporting Office, which plays a key part in flagging potential illicit transactions.

Chan was responding to a question from Workers’ Party Member of Parliament Sylvia Lim on whether the country’s anti-money laundering regime is robust enough to deter illicit money flowing through its financial system.

This was in light of the current investigation into Malaysia’s state fund, 1Malaysia Development Bhd, and the recent release of the Panama Papers, which detailed the offshore financial activities of political leaders and international figures, said the news report.