National Policy Statement
Policy Objectives and Principles
Singapore’s AML/CFT policy objectives are to detect, deter and prevent ML, associated predicate offences and TF; and protect the integrity of its financial system from illegal activities and illicit fund flows.
The AML/CFT efforts are centred on having:
- A sound and comprehensive legal, institutional, policy and supervisory framework.
- Low crime rate.
- Intolerance for corruption.
- An efficient judiciary.
- Close international cooperation with other jurisdictions.
- An established culture of compliance.
- Effective monitoring of the measures implemented.
- Decisive law enforcement actions against ML/TF threats.
To achieve the policy objectives, Singapore follows these principles:
- Allocate law enforcement, financial intelligence and supervisory resources on a risk-sensitive basis
- Maintain close policy and operational coordination and cooperation across the Government
- Take a preventive approach that combines tough licencing and comprehensive reporting requirements, strict AML/CFT regulations, and risk-based supervision of the relevant financial and non-financial sectors
- Enhance private sector stakeholders’ understanding of ML/TF risks and promote a culture of compliance
- Take decisive and deterrent law enforcement action against ML/TF activity, including that relating to foreign crimes
- Disrupt drug dealing and other serious offences early to prevent proceeds from being laundered
- Provide assistance to other jurisdictions through formal and informal channels spontaneously and on request
- Rigorously implement and contribute to the development of international standards, including the international standards on combating money laundering and the financing of terrorism and proliferation set by the Financial Action Task Force and United Nations Security Council Resolutions (particularly for targeted financial sanctions related to terrorism and proliferation of weapons of mass destruction)
Related Publications
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Monographs/Information PapersPublished Date: 19 September 2023
MAS Enforcement Report 2022/2023
The MAS Enforcement Report sets out the enforcement actions taken by MAS, as well as SFA and FAA cases investigated under MAS-CAD Joint Investigation Arrangement, for the period of 1 January 2022 to 30 June 2023. The report also gives an update on the progress of MAS' enforcement priorities for 2022/2023 and outlines MAS’ key enforcement priorities for 2023/2024.
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Monographs/Information PapersPublished Date: 26 June 2023
Project Guardian - Open and Interoperable Networks
This report highlights one of the foundational principles of Project Guardian – the establishment of open and interoperable networks. A framework is introduced for understanding the design options to enable the trading of digital assets across networks and liquidity pools. This framework considers the core principles of...
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Monographs/Information PapersPublished Date: 21 June 2023
Purpose Bound Money (PBM) Technical Whitepaper
This paper provides a technical overview to the concept of PBM, which enables money to be directed towards a specific purpose, without requiring money itself to be programmed. PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money. With a standardised...