To combat such crimes, the Monetary Authority of Singapore (MAS) has begun working with the Commercial Affairs Department (CAD), the Association of Banks in Singapore, and eight of Singapore’s leading banks. This collaboration is known as the AML/CFT Industry Partnership (ACIP). The objectives of this partnership are the reduction of money laundering and the countering of the financing of terrorist activities. It serves as a platform through which MAS can send detailed reports to the banks which are part of ACIP. These banks can then use the information contained in the reports to conduct further assessments on any suspicious bank accounts and even shut them down if necessary.
The actions of ACIP will benefit the financial institutions and businesses of Singapore because it makes the country’s enforcement of financial regulations firm and are upheld in the most stringent manner. This is because granting the financial institutions access to such reports will make them more informed about the financial crimes that have been a blight on Singapore’s corporate atmosphere. Doing so will help Singapore maintain its reputation as an international financial hub renowned all over the world. Singapore’s government stands firmly against such crimes, and ACIP will help support it in its quest.
Singapore’s stances against financial crimes and money laundering prove that Singapore has the objective of becoming a fair and just location for global financial institutions and eliminating money-related crimes. Such crimes have done much to harm the business scene in Singapore. Therefore, it is imperative that the authorities in Singapore continue to combat them in every way possible.