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August 2, 2016

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Unit to rein in money laundering

SINGAPORE’S central bank yesterday formally launched a unit to fight money laundering, strengthening the financial hub’s safeguards against illicit fund flows.

Officials of the Monetary Authority of Singapore have said plans to create the special unit predated a continuing money laundering lawsuit involving state fund 1MDB in neighboring Malaysia and banks operating in Singapore.

“But these recent developments have indeed underscored the merits of bringing together supervisory resources from across MAS to give a centralized focus on combating money laundering,” a spokesman said in June when it announced the unit’s creation.

Singapore last year opened a probe into fund flows linked to 1MDB. In May this year it expelled Switzerland’s BSI Bank for “gross misconduct” related to 1MDB.


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