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ARTICLE · 19 SEPTEMBER 2016

Fighting Money Laundering

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A tough stance against financial crime is necessary to protect Singapore's reputation as a clean and trusted financial centre.

SingaporeCorporate/Commercial Law
Shashi Nathan
Shashi Nathan
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A tough stance against financial crime is necessary to protect Singapore’s reputation as a clean and trusted financial centre. 

Rigorous compliance and regulation

Singapore’s standing as a global transportation hub and financial centre makes it susceptible to cross-border money laundering and terrorist financing activities. Internationally-oriented and cash-intensive sectors are especially prone to such criminal conduct. In combating transnational money laundering, Singapore has established an extensive international cooperation network for supervision and law enforcement. Singapore’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) policies aim to detect, deter and prevent money laundering, associated predicated offences and terrorism financing. The aim is also to protect the integrity of its financial system from illegal activities and illicit fund flows. Singapore’s central bank, the Monetary Authority of Singapore (MAS), is the body

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