Singapore is committed to working closely with international and domestic stakeholders to prevent, detect, and enforce against ML. As an international business, financial and trading centre, Singapore must remain vigilant to the fast-evolving ML threat landscape and criminal methods and ensure that our AML regime and defences keep pace with these changes.
Singapore is therefore continually reviewing and enhancing our whole-of-system approach to preventing, detecting, and enforcing against ML to ensure that we have strong collective defences. Apart from enhancing our AML legal and regulatory framework and implementing close supervision of AML/CFT obligated entities across all sectors, the authorities in Singapore
will continue to develop close partnership and collaboration between the public and private sectors to allow more timely identification and detection of risks and coordinated responses against identified risks.
This NRA provides a consolidated picture of the key national ML threats, risks, and vulnerabilities. FIs and DNFBPs should take into consideration this NRA as they develop and implement risks mitigation measures and strengthen their own AML efences.
The process of risks assessment is a dynamic one, and Singapore will continue to monitor and sense-make risks on an ongoing basis to ensure that our risks understanding, and risks mitigation measures remain up to date and effective.