MAS Will Not Tolerate the Abuse of Our Financial System for Illicit Activities

In view of recently reported suspicious activities by various Singapore financial institutions (FIs) relating to alleged money laundering (ML), the Monetary Authority of Singapore, MAS, has published a press statement. Therein, MAS emphasizes that it is working closely with the Commercial Affairs Department (CAD) to uncover these cases and any other illicit activities aimed at ML or the financing of terrorism (FT). In this context, MAS also notes that the CAD and MAS itself are committed to maintaining the integrity of the Singapore financial system and preventing illicit activities through stringent AML/CFT measures and continuous vigilance. MAS will not tolerate any such activities and will take all measures necessary to prosecute violations of Singapore’s AML and CFT regulations.
To conclude, MAS states that it has undertaken a series of inspections with a specific focus on FIs engaged in wealth management activities. The objective of these inspections was to ensure the presence and effectiveness of robust controls within these institutions, particularly in their capacity to detect and address ML/FT risks. This proactive approach also underscores MAS‘ commitment to maintaining a resilient and secure financial sector.