Singapore issues recommendations to strengthen its AML Framework

The strategy is a whole-of-society approach, driving stakeholders, including financial institutions, to work collaboratively with the Government

Recommendations include:

• Proactive Prevention: Building on existing AML frameworks to proactively prevent criminals from laundering their illicit proceeds;
• Timely Detection: Enabling sector supervisors and gatekeepers in the timely detection of illicit activities; and
• Effective Enforcement: Taking effective enforcement actions against criminals who engage in illicit activities

Firms with operations in Singapore should review the publication to gain insights into the expectations of authorities and regulators, including the Monetary Authority of Singapore (MAS).