Rules for Money Laundering


Singapore Money Laundering Rules.  Singapore aims to increase control in order to fight money laundering and terrorist financing in certain sections and the Government plans to tighten control in several of the financial divisions.


The sections which will be examined are amongst others corporate service providers, money-changers etc and the review will occur with the supervision of the Ministry of Finance, the Ministry of Home Affairs and the Monetary Authority of Singapore (MAS). The last mentioned authority (MAS) also added that after an on-site examination of the money laundering controls of certain financial advisers can be further improved, whilst the regulator continues that the deficiencies noted include the absence of procedures to keep up to date customer information and to handle enhanced CDD (customer due diligence) for persons politically exposed and it has also been noted insufficient observation and review regarding dormant bank accounts and suspicious transactions as well.


The Singapore Government stated that due to the fact that Singapore is considered to be an international financial centre it carries the risk for cross-border money laundering and terrorist financing.


The sections that are more likely to be compromised with money laundering and terrorist financing are the ones that are internationally oriented and cash-intensive and these sections are exactly where precautionary measures should take place.


In order to prevent money laundering and terrorist financing the Singapore government said that the legislative and administrative framework of all appropriate agencies will be enhanced throughout the year so they can face the danger in these sections more efficiently.


The Singapore government finally added regarding the money laundering and terrorist financing that another sector worth examining is the one where through the evolution of technology criminals become more sophisticated and they are prepared to further study the relevant areas which includes virtual currencies, the Singapore Freeport, precious stones and metals dealers etc.


The government of Singapore commits to further study and comprehend the ways that terrorist financing and money laundering can be carried out through these channels and to prevent it with the help of the proper authorities.


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