AML and anti-terrorism best practice papers launched in Singapore
(15 May 2018 – Singapore) Singapore regulators and the banking industry launched two best practice papers aimed at preventing money laundering and terrorism financing at a recent industry event.
The papers were drafted in the wake of the 1MDB scandal and amid the increasing sophistication of financial crimes. Outlined in the papers were common red flags linked to trade-based money laundering, as well as recent typologies involving the misuse of companies and other legal persons.
Chua Kim Leng, special advisor, financial supervision group, MAS, in a speech during an industry dialogue praised the session as “a year of open, honest discussion between the industry and government agencies.”
The dialogue was held as part of the AML/CFT Industry Partnership (ACIP), a private-public partnership set up in April 2017. AML/CFT refers to anti-money laundering and countering the financing of terrorism.