Singapore Tightens Anti-Money-Laundering Procedures

In response to a major money-laundering case involving a Chinese criminal gaming diaspora in August 2023, Singapore has initiated a comprehensive national strategy involving multiple agencies to combat money laundering effectively. The MAS has emphasized the importance of upholding a robust AML framework and monitoring ML risks continuously. The country has tightened regulations on family offices, following the arrest of 10 China-born suspects and the seizure of assets worth over US$2.8 billion, with a focus on preventing misuse of corporate structures and enhancing collaboration among financial institutions and authorities to flag suspicious transactions.

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