# Singapore is implementing new measures to combat money laundering

- Link: https://www.thailand-business-news.com/crime/167166-singapore-is-implementing-new-measures-to-combat-money-laundering
- Published: 2024-10-10T10:17:00+07:00
- Author: Boris Sullivan

Singapore is introducing new anti-money laundering measures to combat the flow of
illicit funds. These measures include increased data sharing between government 
agencies, stricter regulations for dormant companies, and specialized training for
professionals who work with high-value items. The goal is to create a more robust
system that effectively prevents and detects money laundering while minimizing disruption
to legitimate businesses.

Singapore has introduced new measures to combat money laundering, which include 
enhanced inter-agency data sharing, deregistration of inactive companies, and the
involvement of businesses in flagging suspicious activities. These initiatives will
be implemented gradually over the coming year.

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Professionals handling high-value items like luxury cars and expensive art will 
receive specialized training to identify signs of suspicious transactions. In a 
few years, Singaporean government agencies will gain access to all reports of such
transactions through an online platform called NAVIGATE.

Here’s a breakdown of the key initiatives:

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**Data Sharing and Inter-agency Collaboration:**

 * **Navigate Platform:** A new online platform will allow different government 
   agencies to access and share reports of suspicious transactions, streamlining
   information flow from various sources like real estate agents, property developers,
   and lawyers. This will facilitate faster detection and investigation of money
   laundering activities.
 * **COSMIC Platform:** The existing COSMIC platform, used by six major banks in
   Singapore, will contribute relevant information to government agencies for analysis
   and intelligence gathering.
 * **Data Enhancement:** The government is committed to improving the quality and
   scope of data shared within these platforms, ensuring a more comprehensive understanding
   of potential money laundering activities.

**Targeted Regulations:**

 * **Dormant Companies:** The Accounting and Corporate Regulatory Authority will
   actively identify and flag dormant companies that fail to meet funding requirements,
   preventing their use as vehicles for illicit activities. These companies will
   be subject to scrutiny and may face removal from the register.
 * **High-Value Items:** Professionals dealing with luxury cars, valuable collectibles,
   and high-value real estate will receive specialized training to recognize suspicious
   transactions. This will equip them to identify and report potential money laundering
   attempts.

**Enhanced Due Diligence:**

 * **Gatekeepers:** Key professionals including real estate agents, bankers, relationship
   managers, financial institutions, and lawyers will undergo training to enhance
   their due diligence procedures. This will enable them to identify and address
   potential financial crime more effectively.
 * **Industry-wide Anti-Money Laundering Practices:** The government is working 
   to establish clearer expectations and best practices for anti-money laundering
   procedures across various sectors. This will ensure consistency and effectiveness
   in combating financial crime throughout the entire ecosystem.

The new measures aim to strengthen Singapore’s position as a financial hub while
deterring money laundering activities. This approach focuses on both proactive prevention
and reactive detection, creating a more secure environment for legitimate businesses
and investors.