As Singapore continues to cement its position as a preeminent economic hub in Asia, authorities in the city state are increasingly focused on strengthening safeguards against financial crime, including money-laundering and terrorism-financing.
This article surveys the current legal and regulatory landscape in Singapore and outlines some of the key practical considerations which financial institutions and other businesses should bear in mind for anti-money laundering (AML) compliance purposes. Developments highlighted in the article include the Monetary Authority of Singapore’s (MAS) review of financial institutions’ readiness to counter the risks of illicit activity, recent legislative and regulatory reforms relating to AML, and the MAS’ supervisory and enforcement approach in this space.
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