Written by Kok Shin-hui
SINGAPORE (Reuters) – Singapore authorities announced new anti-money laundering measures on Friday, including data sharing between government agencies, suspension of inactive companies and channels and a program for companies to report suspicious activity. Announced.
The tightening of the framework comes after a large-scale money laundering network was discovered last year, with more than $2.2 billion in assets seized and 10 foreign nationals jailed for laundering huge sums of money in the country. This follows the establishment of a ministerial committee to review the regulations. Asia’s financial hub.
In August, two former bank employees were charged with aiding and abetting people convicted of crimes using forged documents.
Singapore will issue warnings and remove inactive companies, increase data sharing across government agencies and, from next week, force non-regulated sectors such as car dealerships to identify suspicious businesses that should be reported to authorities. We’re going to educate them on what trading is.
The measures, aimed at preventing and detecting money laundering and supporting law enforcement, will be rolled out in stages and will take effect within about a year, authorities said.
Since the bust of the money laundering ring, laws have been passed to make it easier for law enforcement to prosecute such crimes, and two casinos in Singapore have increased the cash threshold for conducting customer due diligence from S$10,000 to S$4,000. Several changes have already been introduced, including a reduction to $3,087. .
Indrani Raja, second finance minister and chair of the inter-ministerial committee, said the recommendations are tailored to deter money laundering but do not place undue burdens on legitimate businesses. said.
“It’s a delicate balancing act, because every step and every measure has a trade-off. The system can’t be too lenient, but at the same time it can’t be too strict,” she said. said.
“We have no intention of stifling genuine law-abiding businesses. That’s right, and while Singapore is a free and open economy, we must also keep illicit funds at bay,” she added. Ta.
He said there is no silver bullet for money laundering and all financial centers and business locations face such risks, including those that find new ways to launder illicit wealth. He vowed to take firm action against criminals.
(1 dollar = 1.2956 Singapore dollar)
(Reporting by Xinghui Kok; Editing by Martin Petty)
