Singapore to step up crackdown on money laundering to cement financial hub status
The Monetary Authority of Singapore will focus on combatting disclosure breaches, mis-selling of financial products and countering terrorism financing
Singapore is consolidating its position as a global financial hub, but the city state has recently faced a number of high-profile financial cases
Singapore’s financial regulator is prioritising its crack down on disclosure breaches, the mis-selling of financial products and anti-money-laundering this year and next as the city state looks to cement its status as a regional financial hub.
The Monetary Authority of Singapore will focus on financial institutions which lack rigorous systems and processes for combating money laundering and countering terrorism financing and will seek to better detect and take action against misconduct, the MAS said in a report published on Wednesday.
It will also enhance its focus on senior management accountability for breaches, it said.
Article written for and by South China Morning Post
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