'Cannot be too lax, too stringent': Inter-ministerial committee on tighter anti-money laundering measures
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Engaging businesses such as car dealers to report suspicious activities and inter-agency data-sharing are some of the new measures the government has proposed on Friday (Oct 4) to tackle money laundering in Singapore. The tightened framework comes after an i'Cannot be too lax, too stringent': Inter-ministerial committee on tighter anti-money laundering measures
Engaging businesses such as car dealers to report suspicious activities and inter-agency data-sharing are some of the new measures the government has proposed on Friday (Oct 4) to tackle money laundering in Singapore. The tightened framework comes after an inter-ministerial committee was formed to review and make recommendations following the country's biggest money laundering case last August involving $3 billion in assets and property. In that case, nine men and one woman, originally from China, were sentenced to jail where over $940 million worth of their assets were forfeited to the state. The Inter-Ministerial Committee (IMC) on Anti-Money Laundering, led by Minister in Prime Minister's Office Indranee Rajah, also recommends training 'gatekeepers' to detect and report suspicious activities. These 'gatekeepers' include lawyers, property agents and bank relationship managers. Read more