Monetary Authority of Singapore Annual Report 2012/2013
 

A TRUSTED FINANCIAL CENTRE

Industry Sound Practices to Further Safeguard Singapore’s Wealth Management Sector

On 28 March 2013, the private banking industry in Singapore launched a set of sound practices. Its objective is to safeguard the industry from being used as a platform to harbour proceeds from serious tax crimes. It comes on the back of new FATF recommendations on the designation of serious tax offences as money laundering predicate offences.

These sound practices set out standards for private banks to detect and deter funds where there is suspicion that they are proceeds from serious tax crimes. These include guidance on implementing client acceptance policies, transactions monitoring and performing critical reviews of existing client pools.