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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/singapore-establishes-inter-departmental-committee-to-combat-money-laundering/">Singapore Cracks Down on Money Laundering with New Committee; Plan Laid Out</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://time.com/6319939/singapore-money-laundering-probe-two-billion-dollars/">Singapore’s government</a> is taking action after what’s been called the “largest money laundering case in history.” They’re creating a committee made up of different government departments to make their anti-money laundering efforts stronger.</p> 
<p>The committee will include important government bodies like the Monetary Authority of Singapore (MAS), the Ministry of Home Affairs (MHA), the Ministry of Law (MinLaw), the Ministry of Manpower (MOM), and the Ministry of Trade and Industry (MTI).</p> 
<h2 class="wp-block-heading" id="what-are-the-key-goals">What Are the Key Goals?</h2> 
<p>According to sources, the committee will focus on four main areas:</p> 
<ul> 
 <li><strong>Preventing Abuse of Corporate Structures:</strong> The aim is to scrutinize how companies might be used as vehicles for money laundering and develop strategies to mitigate this.</li> 
 <li><strong>Financial Institutions’ Role:</strong> The committee will look at how banks and other financial entities can better their controls and work more efficiently with the authorities to flag suspicious transactions.</li> 
 <li><strong>Broadening the Net:</strong> The committee will also look into how other stakeholders in the system, such as real estate agents and precious stones and metals dealers, can contribute to guarding against money laundering risks.</li> 
 <li><strong>Centralized Monitoring:</strong> The aim is to fortify sense-making and monitoring capabilities across multiple government agencies to detect suspicious activities better.</li> 
</ul> 
<h2 class="wp-block-heading" id="h-why-it-matters"><strong>Why </strong>It Matters</h2> 
<p>This is happening because of the huge money laundering case recently, wherein Singapore seized more than $2 Billion! Even though Singapore has strict rules and is a big financial hub, this case showed that even the best systems can’t always stop tricky financial crimes.</p> 
<p>The committee is expected to share its progress and findings in due course. These revelations will likely lead to new regulations and frameworks to tighten Singapore’s robust anti-money laundering measures.</p> 
<h2 class="wp-block-heading" id="the-plan-is-good-but-will-it-work">The Plan is Good… But Will it Work?</h2> 
<p>Singapore’s AML strategy is exhaustive, meticulously designed, and dynamic. It comprises pre-emptive measures, due diligence, and stringent enforcement protocols. The evolving legislative framework and its robust enforcement mechanisms set a precedent that may have implications for other asset classes, including cryptocurrencies. They’re focusing on teaching people who are supposed to stop money laundering and making sure they do their job well. This could set a new example for stopping financial crimes everywhere.</p> 
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Singapore Cracks Down on Money Laundering with New Committee; Plan Laid Out

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