Government Aims to Enhance Financial Oversight and Enforcement
Singapore is taking further steps to tighten its anti-money laundering (AML) framework by establishing an inter-ministerial committee to review existing measures and introduce stronger controls. The task force, led by Second Minister for Finance Indranee Rajah, will involve sectoral regulators and focus on four key areas: preventing corporate abuse, enhancing financial institution monitoring, strengthening real estate oversight, and improving cross-agency intelligence sharing.
The decision follows the country’s largest money-laundering probe, which saw over S$2.8 billion in assets seized or frozen. Authorities will also explore extending AML regulations to high-value assets, such as luxury goods, and tightening verification processes for immigration and corporate services.
Additional measures include a review of tax incentives for Single Family Offices (SFOs), stricter penalties for corporate service providers, and new restrictions on nominee directorships. The government is also working on COSMIC, a platform for financial institutions to share AML intelligence, set to launch in late 2024.
Furthermore, charities are advised to review their donor records and report suspicious transactions, as some arrested individuals were found to have made donations. Officials emphasize that while Singapore’s AML controls align with global standards, continuous improvements are necessary to detect evolving threats effectively.
