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Combating Terrorism Funding and Money Laundering In Singapore (2017 Update)

POSTED BY Best Licensed Moneylender | News
Combat Terrorism Funding & Money Laundering

Combat Terrorism Funding & Money Laundering

Combating Terrorism Funding and Money Laundering In Singapore

The Ministry of Finance and Monetary Authority has been working around the clock. They have been working in conjunction with the Ministry of Home Affairs to come up with and maintain a money laundering and terrorism financing free zone. The 2012 enhancement of FATF standards saw Singapore focus on the regulations and establish an adamant framework. In addition to that, they have been working to Counter Financing of Terrorism (CFT) and curb illegal money laundering, (Anti-Money Laundering-AML). A recent assessment of the Singaporean economy based on these standards indicated that Singapore is safe with one of the best AML/CFT frameworks.

The commendable performance can be attributed to:

1.   Rational risk assessment and mitigation procedures

The country has develop a sophisticated but well coordinated national structure to manage AML/CFT. A national committee was put in place to develop AML/CFT policies. In addition to that, they also identify probable risks and oversee the activities that are suppose to mitigate identified risks.

2.   Excellent international cooperation

Singapore indulges in internationally cooperative dealings. For example, offering mutual legal assistance extradition and intelligence sharing.These have played a pivotal role in enhancing the international AML/CFT cooperation framework. Singapore has also created informal channels with foreign counterparts for law enforcement agencies to seek collaboration and assistance from them.

3.   Valid times to curb proliferation financing

Singapore has put in place stout information sharing systems which aid the exchange of information and coordination of government agencies. With very prompt financial sanctions, according to relevant UN Security Council Regulations, that prohibit financing of mass destruction weapons proliferation.

4.   Vigilant supervisory and regulatory framework

With intense supervision, preventive measures, confiscation of crime proceedings and precautionary measures policies, Singapore has manage to develop a very stable AML/CFT framework.

5.   Vigorous financial sector supervision

The Monetary Authority of Singapore is in a constant and robust supervisory note. The continuous monitoring of the AML/CFT policies has mostly engage and foster a thorough understanding of the regulations. Especially amongst the players in the finance industry. MAS’s enforcement and supervisory roles operate on a thorough follow up the system that promptly addresses any deficiencies.

6.   Integration of law enforcement with financial intelligence

Singapore has taken this pro act and put in place effective mechanisms and systems. These systems have enabled a prompt incorporation of the two key players in the realization of AML/CFT objectives. Furthermore, it allows predictions of offenses and facilitate in the investigations into the money laundering ordeal.

In Conclusion

The assessment of the Singaporean AML/CFT strategy and performance did not only validate her areas of strength. It also points out probable areas that can guarantee the country an even stronger regime in AML/CFT combating. Singapore has thus invested more and enhance her commitment to a continued endeavor to remain among the most vigilant nations in the AML/CFT war.


Best Credit SG Pte Ltd also formerly known as Cing Dien Credit is a licensed moneylender in Singapore. We have been in this line for more than 30 years. As such, our years of experience has allowed us to build one the best team of loan consultants. Do not hesitate to get in touch with us if you’re in need of a loan. Trust us to help you. You can call us at +65 6272 5538 or drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372.