Singapore releases National AML Strategy

The strategy outlines key priorities and actions to mitigate AML risks across sectors, safeguarding Singapore’s role as an international financial hub.

Key strategies include:

• Introduction of ‘NAVIGATE’, a government wide data-sharing platform, to improve cross-agency coordination for investigating ML risks​;
• Strengthening of AML penalty framework, with fines for non-compliance in high-risk sectors reaching up to S$100,000;
• Enhancement of international cooperation mechanisms and an expanded extradition network will support Singapore’s commitment to tackling transnational ML cases; and
• With the recent establishment of the AML Case Coordination and Collaboration Network (AC3N), Singapore will continue to streamline investigative and enforcement action.