The Singapore government released its National Anti-Money Laundering (AML) Strategy 2024, a comprehensive plan to strengthen the country’s defences against ML.
The strategy outlines key priorities and actions to mitigate AML risks across sectors, safeguarding Singapore’s role as an international financial hub.
Key strategies include:
Introduction of ‘NAVIGATE’, a government wide data-sharing platform, to improve cross-agency coordination for investigating ML risks;
Strengthening of AML penalty framework, with fines for non-compliance in high-risk sectors reaching up to S$100,000;
Enhancement of international cooperation mechanisms and an expanded extradition network will support Singapore’s commitment to tackling transnational ML cases; and
With the recent establishment of the AML Case Coordination and Collaboration Network (AC3N), Singapore will continue to streamline investigative and enforcement action.
Advisory and Transformation
AML/CTF/CPF
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