The Business Times
business-time-50
SUBSCRIBERS

Working closely with foreign counterparts key to Singapore’s money-laundering fight: observers

google-preferred-sourceAdd BT as a preferred source
    • The Monetary Authority of Singapore is working to set up its new “Cosmic” platform, which will let financial institutions share information on red-flagged customers.
    • The Monetary Authority of Singapore is working to set up its new “Cosmic” platform, which will let financial institutions share information on red-flagged customers. PHOTO: SINGAPORE POLICE FORCE

    Annabeth Leow

    Published Thu, Oct 5, 2023 · 05:00 AM

    SINGAPORE will benefit from beefing up its tie-ups with other countries as it continues to strengthen its anti-money laundering regime, watchers told The Business Times.

    The Republic, which is already a leader in anti-money laundering, announced on Tuesday (Oct 3) it will set up an inter-ministerial committee to study how various sectors can better spot red flags.

    As Singapore is a financial hub where the exposure to money laundering risks is mainly from crimes done overseas, the main conduits are banks, remittance agents, shell companies, and individual money mules, said Nydia Remolina Leon, an assistant professor of law at the Singapore Management University.

    Money launderingMonetary Authority of SingaporeSpotlight

    TRENDING NOW

    The latest ruling comes after the claimant submitted an appeal against the South Jakarta District Court's Feb 9 decision that declared his lawsuit "inadmissible".

    Indonesian court upholds earlier dismissal of 2.28 trillion rupiah claim on Keppel unit’s land

    US President Donald Trump with President Xi Jinping after a visit to Zhongnanhai Garden in Beijing, on May 15.

    Xi Jinping has just rewritten the rules of US-China rivalry

    Indonesia's Finance Minister Purbaya Yudhi Sadewa says figures in the reported export data are roughly 50% lower than the actual numbers.

    Wilmar, Musim Mas among palm-oil firms in Indonesia under probe for suspected export under-invoicing

    Beijing has said that the measures are designed to clean up the capital market and steer investors towards regulated channels for overseas investment.

    China traders rush for exit after cross-border flow crackdown

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More