Page 31 - 期货和衍生品行业监管动态（2023年2月）

期货和衍生品行业监管动态

Written Reply to Parliamentary Question on Tackling Cross-border Money

Laundering (2023/2/23)

Question

To ask the Prime Minister how is MAS working with international partners and

financial institutions to tackle cross-border money laundering.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in

charge of MAS:

As with all major financial centres, Singapore intermediates sizeable global fund

flows and is exposed to similar risks of cross-border money laundering and terrorist

financing (“ML/TF”). In recent years, ML/TF schemes have also become increasingly

complex and difficult to detect globally, as criminal syndicates exploit technology to

hide their tracks. Tackling these risks therefore requires close surveillance in
partnership with the industry and international partners.

MAS taps on information from a wide range of sources to detect suspicious

financial activities, including reports filed by financial institutions (“FIs”) and

intelligence from our overseas counterparts. Data analytics techniques such as

network link analysis are deployed to sift out unusual patterns of activity, thereby

allowing us to more swiftly identify and mitigate emerging risks.

An example of active collaboration on anti-money laundering and countering the

financing of terrorism (“AML/CFT”) is the AML/CFT Industry Partnership (“ACIP”) .

ACIP is co-chaired by MAS and the Singapore Police Force’s Commercial Affairs

Department and brings together key FIs to share analyses of emerging ML/TF risks as

well as information on specific cases. These proactive efforts have led to the

identification and investigation of suspicious accounts and activities. ACIP has issued

advisory notes and best practices papers to help improve AML/CFT practices across
the industry to strengthen collective defences.

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