Singapore to set up anti-money laundering, enforcement units
( June 13, 2016, 09:12 GMT | Official Statement) -- The Monetary Authority of Singapore will set up a dedicated department to combat money laundering and another department to strengthen enforcement, it said in a press release today. The changes will take effect on Aug. 1. The authority said its dedicated anti-money laundering department would streamline existing responsibilities for regulatory policies relating to money laundering and other illicit financing risks. It said the supervisory team would be set up to monitor those risks and carry out on-site supervision of how financial institutions managed such risks.The regulator's statement follows:...
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