Halister News

(Bloomberg) -- Singapore will pursue more cases of complex transnational money-laundering offences as part of further steps to enhance measures to combat illicit money flows, government says Tuesday in statement.

• NOTE: Ministry of Finance, Ministry of Home Affairs, Monetary Authority of Singapore make joint statement after Financial Action Task Force publishes assessment of nation’s measures to fight money laundering, terrorism financing
• “Singapore has invested substantial efforts over the years to enhance its AML/CFT regime, and remains fully committed to continue doing so": statement
• Other areas the govt will address include enhancing accessibility, transparency of information on beneficial ownership of legal persons, limited liability partnerships, trusts; improved risk assessment for all legal persons and non- profit sector; closer supervision of non-financial sector
• Singapore’s regime to combat terrorism financing is robust and ‘‘was not accorded sufficient credit’’ by FATF, which cited the lack of criminal prosecutions and convictions
• NOTE: FATF report based on evaluation of Singapore’s measures to combat money laundering, financing of terrorism during a visit by examiners on Nov. 17-Dec. 3; doesn’t take into account convictions that took place after that