Financial crime does not pay in Singapore: MAS

Managing Director Ravi Menon warned there will be severe consequences faced by financial criminals.

In a speech Mr Menon said:

First, MAS is considering a tougher penalty regime for violations of AML/CFT (anti-money laundering / counter financing of terrorism). In a recent announcement, the Attorney General has stated that Singapore will seek tougher penalties for white-collar criminals. MAS is in full alignment with this. We will ensure that financial crime does not pay in Singapore and that those who jeopardise Singapore’s hard-earned reputation as a financial centre of integrity face severe consequences.

Second, Singapore intends to make criminal the laundering of proceeds from tax offences. This is a pre-emptive move. In February next year, FATF is expected to take a decision on this matter. Singapore will fully align its regime to FATF’s new requirements; not only because we are a FATF member, but more importantly, we want to discourage tax evasion monies from attempting to enter our system. As other jurisdictions tighten their regimes and tax evasion monies seek cover, Singapore is sending a clear message that it neither wants nor will tolerate these illicit inflows. This being a significant policy move, we will conduct public consultations and welcome stakeholder inputs to shape a regime that is practical to implement and effective in outcome.

Third, Singapore will step up its enforcement resources to deal with suspicious transactions reported by financial institutions. The Commercial Affairs Department will double the manpower of the Suspicious Transaction Reporting Office and enhance its analytical and reporting systems to detect criminal activity and illicit funds.

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