SINGAPORE (Aug 1): Singapore's central bank on Monday formally launched a unit to fight money laundering, strengthening the financial hub's safeguards against illicit fund flows.

Officials of the Monetary Authority of Singapore (MAS) have said plans to create the special unit predated a continuing scandal involving state fund 1MDB in neighbouring Malaysia and banks operating in Singapore.

"But these recent developments have indeed underscored the merits of bringing together supervisory resources from across MAS to give a centralised focus on combating money laundering," a spokesman for the MAS said in June when it announced the creation of the unit.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook