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MAS, CAD partner industry players to fight money laundering and terrorism financing
THE Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force on Monday announced the launch of a government-industry partnership to fight money laundering and terrorism financing (ML/TF).
In a joint release, MAS and CAD said selected industry participants, regulators, law enforcement agencies and other government entities will work together to identify, assess and mitigate the key ML/TF risks facing Singapore under the Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP).
ACIP will also enhance the detection and mitigation of transnational risks arising from Singapore's position as an international financial centre and trade hub.