Latest: Corruption and Money Laundering.

Singapore to step up fight against money laundering.

SEP 28, 20165:50 AM

SingaporeAS A sophisticated financial centre, Singapore needs to step up to "aggressively target" more complex cross-border cases of money laundering, even as it is armed with a strong regulatory framework to fend off dirty money and terrorism financing.

This is according to a fresh report from the Financial Action Task Force (FATF), an inter-governmental body that looks at countering illicit fund flows and terrorism financing, and of which Singapore is a member.

And Singapore will respond with greater force to fight against dirty money, a joint statement from three regulatory agencies on Tuesday showed. The response comes even as the FATF inspections in late 2015 took place before Singapore stripped 1MDB-linked BSI Bank of its licence to operate in Singapore.

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