“Where gaps are identified, we will tighten our regulations and enforcement to prevent exploitation by criminals,” says Second Minister for Finance and National Development Indranee Rajah.
SINGAPORE: The government will set up a new inter-ministerial committee to review Singapore's anti-money laundering regime and ensure it stays up to date with increasingly sophisticated crimes, said Second Minister for Finance and National Development Indranee Rajah in parliament on Tuesday .
What can be done to centralise and strengthen monitoring and sense-making capabilities across government agencies to better detect suspicious activities “To this end, we must strengthen our information-gathering and intel-sharing capabilities so that we can better detect illicit activities conducted by companies incorporated in Singapore.”
“Where gaps are identified, we will tighten our regulations and enforcement to prevent exploitation by criminals. The committee will share its progress and findings in due time,” she said. Such agents are required to conduct customer due diligence and inquire into the purpose and legitimacy of a company structure, among others. They provide “another layer of scrutiny, which is particularly useful for foreign-owned or controlled companies”, said Ms Indranee.
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