The Monetary Authority of Singapore, along with the banking industry in the country, launched 2 best practice papers to improve preventive measures against money laundering and terrorism financing. The papers discussed common red flags linked to trade-based money laundering, as well as recent typologies involving the misuse of companies and other legal persons. Such typologies include the round-tripping of funds controlled by the same or related individuals. Chua Kim Leng, special advisor, financial supervision group, MAS, who participated in an industry dialogue organized by AML/CFT Industry Partnership (ACIP) said the dialogue session represents “a year of open, honest discussion between the industry and government agencies.
