As quickly as the financial technology innovations are making banking easier and more cost effective, so financial crime also rapidly evolves and moves across borders.
To address what is sees as the burgeoning threat The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have announced the launch of a government-industry partnership to strengthen Singapore’s capabilities in the fight against money laundering and terrorism financing (ML/TF).
The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) will bring together selected industry participants, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key ML/TF risks facing Singapore.
Financial And Wealth Hub
ACIP will also enhance the detection and mitigation of transnational risks arising from Singapore’s position as an international financial centre and wealth management hub.
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.
«Financial crime typologies are evolving rapidly. Countries must explore smarter and more effective ways to combat such crimes,» said David Chew, Director, CAD.
