Singapore Tightens Rules On Money Laundering

Singapore authorities have announced new measures to combat money laundering, including inter-agency data sharing, striking off inactive companies, and implementing programs to encourage businesses to report suspicious activities, Xinghui Kok reported for Reuters

The tightened framework follows the formation of a ministerial committee to review regulations after the discovery of a massive money laundering network last year.

The tightened framework follows the formation of a ministerial committee to review regulations after the discovery of a massive money laundering network last year, which resulted in the seizure of over $2.2 billion in assets and the imprisonment of 10 foreigners for laundering vast sums of money in the Asian financial hub.

In August, two former bankers were charged with aiding those convicted by using forged

documents.

Singapore plans to identify and strike off inactive companies, increase data sharing across government agencies, and, starting next week, educate non-regulated sectors such as car dealerships about what constitutes suspicious transactions that should be reported to authorities.

The measures, designed to prevent and detect money laundering and aid in law enforcement, will be implemented progressively and are expected to be fully in place within a year, authorities stated.