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Singapore, 30 October 2024 – Singapore today unveiled its National Anti-Money Laundering (AML) Strategy to strengthen its fight against financial crime. This strategic approach targets emerging money laundering risks and criminal tactics, ensuring the ongoing effectiveness of Singapore’s AML framework. [1] To learn more, please visit this link.

As a trusted global financial hub, Singapore strikes a balance between fostering legitimate business and safeguarding against money laundering (ML). We maintain a robust, risk-based AML framework to address evolving ML threats.

Singapore’s National AML Strategy is built upon three key pillars: Prevention, Detection, and Enforcement. These pillars are underpinned by three interconnected building blocks: Whole-of-Society Coordination, a Robust Legal and Regulatory Framework, and Strong International Cooperation.

The National AML Strategy incorporates insights from Singapore’s updated Money Laundering National Risk Assessment (ML NRA) and other relevant risk assessments and reviews [2] to strengthen our understanding [3] of emerging threats and refine our risk mitigation measures.

[1] Please refer to (https://www.mas.gov.sg/publications/monographs-or-information-paper/2016/national-policy-statement )

[2] This includes the recent review by the Inter-Ministerial Committee on Singapore’s anti-money laundering framework. Please refer to (https://www.mof.gov.sg/docs/default-source/default-document-library/news-and-publications/press-releases/2024/imc-aml-report.pdf ) for the IMC’s report.

[3] Please also refer to (https://www.mas.gov.sg/regulation/anti-money-laundering/ml-tf-pf-risk-assessments) for the risk assessments which Singapore has published, including the Proliferation Financing National Risk Assessment, Updated Virtual Asset Risk Assessment, Updated Legal Persons Risk Assessment, and Legal Arrangement Risk Assessment, which are published on 30 October 2024.

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