Trading hub Singapore is establishing a team that will include both public and commercial sector members to tackle money laundering and financial crime.

The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force are leading the establishment of the team.

The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership (ACIP) will invite industry partners, regulators, law enforcement agencies and other government entities to join the team.

Team effort

The team will seek to identify, assess and mitigate the threats facing Singapore and improve the detection and mitigation of transnational risks arising from the country’s position as an international financial centre and trade hub.

Working groups within ACIP will examine different risk areas and report to a steering group. MAS and CAD will chair the steering group comprised of eight banks and the Association of Banks in Singapore.

It is hoped that industry participants will contribute to the working groups.

Participation encouraged

“Financial crime typologies are evolving rapidly. Countries must explore smarter and more effective ways to combat such crimes. ACIP will be a key enabler in this endeavour,” according to director of CAD, David Chew.

“We encourage and welcome industry members from both within and outside the financial sector to contribute actively to the work of the ACIP, as well as share relevant products and best practices with the rest of the financial industry,” he added.