SINGAPORE — The government will set up a new inter-ministerial committee to review Singapore's anti-money laundering regime and ensure it stays up to date with increasingly sophisticated crimes, said Second Minister for Finance and National Development Indranee Rajah in parliament on Tuesday (Oct 3).
Ms Indranee will chair the new committee, comprising political office holders from the Monetary Authority of Singapore and four ministries: Home Affairs, Law, Manpower, and Trade and Industry.How to better prevent corporate structures from being abused by money launderers
Ms Indranee was delivering a ministerial statement in response to questions filed by Members of Parliament about the recent billion-dollar money laundering case.In an update given in an earlier ministerial statement by Second Minister for Home Affairs Josephine Teo, the value of assets seized or frozen now stands at“As this case has shown, criminals are becoming increasingly sophisticated.
Ms Indranee said this inter-agency steering committee will continue to oversee “whole-of-government” efforts, while the newly-announced inter-ministerial committee will look at reviewing the system “with the benefit” of what is being learned from the billion-dollar money laundering case and keep Singapore’s regime up-to-date.
Currently, non-residents looking to set up companies in Singapore must engage Acra-authorised corporate service providers, also known as registered filing agents, to incorporate a company.
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