(Photo: The Economic Times)
Singapore, a major international financial centre, has put in place a “robust preventive regime” as part of the global efforts against money- laundering, a top official said today.
The Monetary Authority of Singapore (MAS) has put in place a “robust preventive regime” that combines tough licensing requirements, strict regulations and rigorous supervision, said Chan Chun Sing, Minister in the Prime Minister’s Office in parliament today.
Speaking on behalf of Prime Minister Lee Hsien Loong, Chan told the house “Financial institutions here have to put in place controls to detect and deter illicit funds through the Singapore financial system.
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