MAS bolsters initiatives against money laundering, terrorism financing

It partnered with the Commercial Affairs Department of the Singapore Police Force.

The Monetary Authority of Singapore announced that it will be partnering with the Commercial Affairs Department (CAD) of the Singapore Police Force to strengthen Singapore’s capabilities in the fight against money laundering and terrorism financing.

The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) brings together selected industry participants, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key risks facing Singapore.

The partnership is also aimed to enhance the detection and mitigation of transnational risks arising from Singapore’s position as an international financial centre and trade hub.

Here's more from MAS:

ACIP comprises a Steering Group supported by Working Groups which will look into specific risk areas and topics relevant to ML/TF. The Steering Group is co-chaired by CAD and MAS, and comprises eight banks and the Association of Banks in Singapore.

It will identify and prioritise the key ML/TF risks to focus on, and commission various Working Groups to study these risks further.

Relevant industry participants from both within and outside the financial sector will be invited to share and contribute to these Working Groups, which will comprise certain Steering Group members and other representatives from the broader industry.

The Working Groups will share key information with the private sector and other stakeholders to enhance the collective understanding and mitigation of ML/TF risks.

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