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In response to the recent surge in complex financial crimes, including one of the world's largest money laundering cases in August 2023, Singapore established the Inter-Ministerial Committee (IMC) on Anti-Money Laundering (AML). The IMC, chaired by Minister Indranee Rajah, aims to reinforce Singapore’s reputation as a trusted financial and business hub through a comprehensive review of its AML framework. The August 2023 case involved the seizure of over $3 billion worth of assets and highlighted significant gaps in the existing AML safeguards, prompting the government to initiate regulatory enhancements.
The IMC's review, completed in November 2023, focuses on fortifying three key pillars —Proactive Prevention, Timely Detection, and Effective Enforcement — to ensure Singapore’s AML framework remains robust against evolving criminal methodologies. The IMC's recommendations are designed to strengthen the vigilance of all gatekeepers, including financial institutions, estate agents, corporate service providers (CSPs), and other designated non-financial businesses and professions (DNFBPs).
Download and read the straightaway to get an overview of these changes, understand the implications for affected organisations, and gain insight on practical steps for implementing the new requirements.
Key takeaways
Strengthened AML standards for gatekeepers
New obligations for high-risk sectors
Introduction of the NAVIGATE platform
Reinforced compliance for corporate service providers (CSPs)
New enforcement and penalty frameworks
Guidance on the Singapore inter-ministerial AML paper
Download the straightaway for more highlights
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Thangaraja Nada Raja
Partner, Regulatory Risk and Compliance (Banking), PwC Singapore
Tel: +65 8338 4156
Julia Leong
Banking and Capital Markets Risk Services Leader, PwC Singapore
Tel: +65 9475 8706
