Singapore’s central bank, the Monetary Authority of Singapore (MAS), is investigating whether banks implicated in a S$2.4 billion ($1.75 billion) money laundering scandal in the country have taken adequate steps to mitigate risks. If the MAS finds shortcomings in the banks’ controls, it will take action, according to a spokesperson.
Last month, Singapore police arrested and charged 10 individuals, including foreigners from China, in one of the largest anti-money laundering operations in the city-state. Assets worth S$2.4 billion were seized, including luxury real estate, cryptocurrencies, and cars. The incident has raised concerns about whether the banks have been strictly adhering to Singapore’s stringent anti-money laundering regulations.
The MAS is currently engaged in supervisory activities with financial institutions to assess whether they have taken appropriate measures to mitigate money laundering and terrorism financing risks. If controls are found to be lacking, the MAS will take action, as it has done in previous cases.
Singapore has seen a significant influx of assets in recent years, with wealthy individuals in Asia and beyond establishing family and trust offices to leverage the incentives offered by the country. The number of single-family offices in Singapore has risen sharply, reaching 1,100 by the end of 2022, up from 400 at the end of 2020, according to MAS data.
Furthermore, total assets under management in Singapore increased by 16% to S$5.4 trillion in 2021, compared to a global increase of 12% to $112 trillion for the same year.
The MAS has emphasized that the wealth management sector remains a key area of supervisory focus, and it has conducted thematic inspections to enhance due diligence measures, including the verification of the source of wealth and funds.
By FCCT Editorial Team
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