Singapore lauded by anti-money laundering global taskforce but more could be done, says FATF

SINGAPORE (Sept 27): Financial Action Task Force (FATF), the global body that monitors money laundering and terrorist financing, has lauded Singapore for its efforts in combating these crimes.

These include having a strong regulatory and supervisory framework, good cooperation at the international level, robust supervision of the financial sector, prompt integration of financial intelligence in law enforcement and effective regime to combat proliferation financing.

FATF says key to Singapore’s success was the implementation of systems by government agencies such as the Monetary Authority of Singapore (MAS) and law enforcement agencies as well as the awareness they have raised among financial institutions.

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