Gov't to form committee to review SG's anti-money laundering regime

Second Minister for Finance, Indranee Rajah, will head the committee.

The government will set up an inter-ministerial committee to review Singapore’s anti-money laundering regime.

The committee will comprise the Monetary Authority of Singapore (MAS), Ministry of Home Affairs (MHA), Ministry of Law Singapore (MinLaw), Ministry of Manpower (MOM), and Ministry of Trade & Industry (MTI). 

Second Minister for Finance, Indranee Rajah, will serve as committee chair.

Rajah, in her speech at the Parliament, said the review will focus on four areas. 

“First, on how we can better prevent corporate structures from being abused by money launderers,” Rajah said.

The committee will also look into “how financial institutions can enhance their controls and collaborate more effectively with each other and authorities to guard against and flag suspicious transactions.”

“Third, how other players in the system, like corporate service providers, real estate agents and precious stones and metals dealers can help to better guard against money laundering risks,” Rajah added.

Lastly, the committee will work on how Singapore can centralise and strengthen monitoring and sense-making capabilities across government agencies to detect suspicious activities better. 

“Where gaps are identified, we will tighten our regulations and enforcement to prevent exploitation by criminals. The committee will share its progress and findings in due time,” Raja said.

“Singapore is determined to preserve our hard-earned reputation as a clean and trusted business hub. We will continue to uphold our zero-tolerance approach towards money laundering, and do our best to ensure a robust regulatory regime,” she added.