Singapore tightens anti-money-laundering measures, but remains ‘open for business’

Singapore will roll out a fresh slate of measures to strengthen its anti-money-laundering regime in the coming year, as authorities emphasise the city state remains “open for business” in spite of the tightened regulations.

The latest move comes after a billion-dollar case involving foreign nationals shocked the island republic in August 2023, which uncovered a syndicate that operated across regional bases and whose members in Singapore were found to own high-end property, luxury cars and designer goods.

During a press conference on Friday, Indranee Rajah, chair of the interministerial committee overseeing Singapore’s anti-money-laundering regime, said the recommendations had been “carefully calibrated” to balance the strengthening defences while remaining open to businesses.

“This is a fine balancing act, because for every step and every measure, there are trade-offs. The system cannot be too lax, but at the same time, it cannot be too stringent because we do not want to stifle genuine law-abiding businesses,” she said.

The recommendations focus on a three-pronged approach to tackling money laundering: prevention, detection and enforcement, she said.

This includes enhancing detection within relevant private sector industries, such as art or luxury car dealers, and improving information-sharing mechanisms across government agencies.