Singapore today published its National Anti-Money Laundering (AML) Strategy, as part of continuing efforts to maintain the effectiveness of our AML framework. The National AML Strategy[1] outlines our strategic approach to address money laundering (ML) risks, and guides our risk-targeted actions to combat ML amidst rapidly changing risks and criminal typologies. Please refer to this link for a copy of the National AML Strategy.
2. As a trusted international financial centre and business hub, Singapore takes a firm stance against ML while remaining welcoming towards legitimate businesses and investments. In that regard, Singapore continually monitors ML risks, and upholds an effective, risk-based, and calibrated AML framework.
3. The National AML Strategy has three key pillars:
Prevent – to deter proceeds of crime from entering Singapore’s system and prevent the misuse of Singapore’s system by criminals,
Detect – to identify illicit flows and activities and ensure timely and effective mitigation, disruption and enforcement actions, and
Enforce – to take firm and dissuasive actions against persons who abuse Singapore’s system for ML.
These three pillars are in turn supported by three inter-dependent building blocks of (i) Whole-of-Society Coordination and Collaboration; (ii) Legal and Regulatory Framework; and (iii) International Cooperation, which form the foundation of Singapore’s AML framework.
4. The National AML Strategy also takes into account Singapore’s updated Money Laundering National Risk Assessment (ML NRA) which synthesised observations on ML risks over the years, as well as other risk assessments and reviews[2] developed to enhance Singapore’s risks understanding[3] and risk mitigation measures.
[2] This includes the recent review by the Inter-Ministerial Committee on Singapore’s anti-money laundering framework. Please refer to (https://www.mof.gov.sg/docs/default-source/default-document-library/news-and-publications/press-releases/2024/imc-aml-report.pdf ) for the IMC’s report.
[3] Please also refer to (https://www.mas.gov.sg/regulation/anti-money-laundering/ml-tf-pf-risk-assessments ) for the risk assessments which Singapore has published, including the Proliferation Financing National Risk Assessment, Updated Virtual Asset Risk Assessment, Updated Legal Persons Risk Assessment, and Legal Arrangement Risk Assessment, which are published on 30 October 2024.
Booming green finance markets need to be subject to stronger global regulation to ensure the best results for investors and the planet, Singapore’s Minister for Sustainability and the Environment
The EU announced Tuesday its revised tax haven blacklist, which removed Anguilla, Dominica and Seychelles, but the NGO Oxfam immediately called it “a joke” given the Pandora Papers revelations.
In a significant move towards strengthening financial ties, Kuwait and the UAE have signed an agreement to prevent double taxation and tax evasion. The pact, signed at the 8th Arab Public Finance Forum
Thanks to 109,988 signatures, Switzerland will vote through a referendum on the introduction of a 50% tax on inheritances above 50 million francs to allocate funds to protect the climate and finance