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

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    • 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

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    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.

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