New Singapore offensive against money laundering, terrorism financing
Singaporean authorities and government agencies are involved in the offensive against money laundering and terrorist financing with a new partnership.
The association against money laundering and the fight against the financing of terrorism (ACIP) brings together more parties to fight against this type of increasingly dangerous forces around the world.
The Monetary Authority of Singapore (MAS) and the Department of Trade Affairs (DAC) said in a joint statement yesterday that the association was to fight not only against money laundering and terrorist financing, but also to improve the capacity of To combat offenses arising from the position of Singapore as an international financial center and commercial center
Ong Chong Tee, deputy director general of financial supervision at MAS, said estimates put the annual amount of money laundering to more than $ 1 trillion (US $ 1.4 billion), but "no one really Really knows. "
Such threats endanger the confidence and stability of financial systems and bring about high social and political costs, he added, so that MAS and DAC intensify their efforts.
ACIP will be of several groups to address the specific risk areas and issues related to money laundering and terrorist financing.
As it is called, the main government group consists of eight banks and the Bank Association in Singapore, and is chaired by the CAO and MAS.
The groups will share information with the private sector and other stakeholders so that everyone can better understand and mitigate risks. They will also create "specific, relevant and specific industrial products.
Ong said it is important that financial institutions demonstrate an understanding of the risks and know a good risk culture within their organization.
There are already international organizations - such as the Financial Action Task Force and the Egmont Group - working to address these transnational threats, but Ong noted that it is equally important to work on these Singapore issues.
"The types of financial crime are rapidly changing. Countries should explore smarter and more efficient ways to combat such crimes," said David Chew, director of CAD.
For example, the fight against the money laundering service MAS was created last year to coordinate strategies across all economic sectors.
It also uses various measures to intensify "oversight of areas or companies that are most prone to money laundering and terrorist financing risks, or when controls fail past inspections," Ong said.
"Singapore should be proactive in doing our part to fight the threats," he said, as the country is home to several financial institutions, including international names.
The association against money laundering and the fight against the financing of terrorism (ACIP) brings together more parties to fight against this type of increasingly dangerous forces around the world.
The Monetary Authority of Singapore (MAS) and the Department of Trade Affairs (DAC) said in a joint statement yesterday that the association was to fight not only against money laundering and terrorist financing, but also to improve the capacity of To combat offenses arising from the position of Singapore as an international financial center and commercial center
Ong Chong Tee, deputy director general of financial supervision at MAS, said estimates put the annual amount of money laundering to more than $ 1 trillion (US $ 1.4 billion), but "no one really Really knows. "
Such threats endanger the confidence and stability of financial systems and bring about high social and political costs, he added, so that MAS and DAC intensify their efforts.
ACIP will be of several groups to address the specific risk areas and issues related to money laundering and terrorist financing.
As it is called, the main government group consists of eight banks and the Bank Association in Singapore, and is chaired by the CAO and MAS.
The groups will share information with the private sector and other stakeholders so that everyone can better understand and mitigate risks. They will also create "specific, relevant and specific industrial products.
Ong said it is important that financial institutions demonstrate an understanding of the risks and know a good risk culture within their organization.
There are already international organizations - such as the Financial Action Task Force and the Egmont Group - working to address these transnational threats, but Ong noted that it is equally important to work on these Singapore issues.
"The types of financial crime are rapidly changing. Countries should explore smarter and more efficient ways to combat such crimes," said David Chew, director of CAD.
For example, the fight against the money laundering service MAS was created last year to coordinate strategies across all economic sectors.
It also uses various measures to intensify "oversight of areas or companies that are most prone to money laundering and terrorist financing risks, or when controls fail past inspections," Ong said.
"Singapore should be proactive in doing our part to fight the threats," he said, as the country is home to several financial institutions, including international names.
Post a Comment