MAS, CAD partner industry stakeholders to fight financial crimes

SINGAPORE – The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force on Monday (April 24) announced the launch of a government-industry partnership to strengthen the Republic’s capabilities in the fight against money laundering and terrorism financing.

Money laundering and terrorism financing have increasingly come under the international spotlight in recent years and Singapore, as a leading financial hub, has been raising vigilance and stepping up efforts to combat the scourge.

The partnership - called 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 money laundering and terrorism financing risks facing Singapore, the MAS and CAD said.

ACIP will also enhance the detection and mitigation of transnational risks arising from Singapore’s position as an international financial centre and trade hub. ACIP comprises a steering group supported by working groups which will look into specific risk areas and topics relevant to money laundering and terrorism financing. The steering group, co-chaired by CAD and MAS, comprises the Association of Banks in Singapore and eight lenders, namely DBS, United Overseas Bank, Oversea-Chinese Banking Corp, Citibank, The Hongkong & Shanghai Banking Corp, Standard Chartered Bank, UBS and BNP Paribas.

Mr Chua Kim Leng, Assistant Managing Director (Banking & Insurance), MAS, said: “ACIP institutionalises the close partnership between the Singapore government and the industry on AML/CFT

(anti-money-laundering and countering the financing of terrorism) matters. This collaborative approach enables us to identify and address money laundering and terrorism financing risks from different angles so as to better detect, deter and defend Singapore against financial crimes.”

Mr David Chew, Director, CAD, said: “Financial crime typologies are evolving rapidly. Countries must explore smarter and more effective ways to combat such crimes. ACIP will be a key enabler in this endeavour. We encourage and welcome industry members from both within and outside the financial sector to contribute actively to the work of the ACIP, as well as share the relevant products and best practices with the rest of the financial industry.”