Fighting money laundering, looking at imposing stiffer penalties

A teller counting notes in a bank in Ganyu county, east China's Jiangsu province. China's banks made US$292bil in aggregate pre-tax profit last year. - AFP

WITH so much spotlight on penalties for busting US sanctions, money laundering has become an intensified area of focus for authorities worldwide.

Malaysia and Singapore, which already have rules in place for money laundering, are looking at imposing stiffer penalties.