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Singapore's central bank on money laundering

Singapore's central bank aims to implement measures for controlling money laundering in the nation, taking actions against banks which are handling financials in an illegal and misleading manner.

Singapore's reputation negatively affected

According to the Monetary Authority of Singapore managing director, Ravi Menon, the recent findings influenced the reputation of the Singaporean banking system, the most, but everyone is determined to take actions and resolve this issue as soon as possible.

Menon highlighted further that, the central bank performs investigations against all financial institutions or organizations that came across with money laundering acts.

Moreover, Ravi Menon's comments came after the Singaporean authorities announced seizing assets worth S$240 million of 1MDB-related fund flows amid an investigation.

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Monday, 25 Jul, 2016 / 10:35

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/singapore-s-central-bank-on-money-laundering

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