Singapore: Singapore to Prioritize Clamp Down on Money Laundering

Singapore’s financial regulator is prioritizing its crack down on disclosure breaches, the misselling of financial products and anti-money laundering this year and next as the city state looks to cement its status as a regional financial hub.

The Monetary Authority of Singapore will focus on financial institutions which lack rigorous systems and processes for combating money laundering and countering terrorism financing and will seek to better detect and take action against misconduct, the MAS said in a report published Wednesday. It will also enhance its focus on senior management accountability for breaches, it said.

The regulator imposed S$11.7 million ($8.6 million) in civil penalties, and S$3.3 million for money laundering-related control breaches in the 18 months to June, according to the report that covers the period. It convicted nine people for market misconduct or related offenses and issued 25 prohibition orders against unfit representatives, it said.

The original full article can be found at bloomberg.com

(Photo: ST FILE)

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