The IMC is strengthening the three key pillars of Singapore’s AML framework: Prevent, Detect, Enforce.
PROACTIVE PREVENTION
Strengthen AML standards for gatekeepers
Further support gatekeepers to enhance capabilities to combat money laundering
Engage non-regulated sectors to enhance their understanding of ML risks
Strengthen mechanisms to deter misuse of companies
TIMELY DETECTION
Strengthen sensemaking and information-sharing mechanisms within government
Deepen channels for data sharing amongst and with gatekeepers
EFFECTIVE ENFORCEMENT
Enhance legislative levers for law enforcement agencies to better pursue and prosecute ML offences
Continuously review penalty frameworks to ensure they remain proportionate and dissuasive
Strengthen inter-agency coordination to enable swifter and more effective action against illicit ML activities
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