Compliance & Regulation

Singapore regulator ups fight against financial crime

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force have launched a government-industry partnership to strengthen local capabilities in the fight against money laundering and terrorism financing (ML/TF).

The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) brings together selected industry participants, regulators, law enforcement agencies and other government entities to collaboratively identify, assess and mitigate the key ML/TF risks facing Singapore. 

ACIP will also enhance the detection and mitigation of transnational risks arising from Singapore’s position as an international financial centre and trade hub, said the regulator.

Said David Chew, director, CAD: “Financial crime typologies are evolving rapidly. Countries must explore smarter and more effective ways to combat such crimes.”