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SINGAPORE: Dedicated Anti-Money Laundering Unit Established

The Monetary Authority of Singapore (MAS), the country’s central bank, is to establish a dedicated department to tackle concerns that the country’s well-developed financial services infrastructure could potentially be used to launder and integrate illegal funds.

As of August 1, the new unit will take responsibility for the enforcement of all anti-money laundering (AML) measures, including the onsite inspection of any financial institutions suspected of non-compliance with their statutory requirements.

Content provided by Picture: HKTDC Research
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