Singapore to prioritise clamp down on money laundering

SINGAPORE: Singapore’s financial regulator is prioritising its crack down on disclosure breaches, the misselling of financial products and anti-money laundering this year and next as the city state looks to cement its status as a regional financial hub.

The Monetary Authority of Singapore (MAS) would focus on financial institutions which lack rigorous systems and processes for combating money laundering and countering terrorism financing and would seek to better detect and take action against misconduct, the MAS said in a report. It would also enhance its focus on senior management accountability for breaches, it said.