August 1 2016
Singapore’s central bank on Monday formally launched a unit to fight money laundering, strengthening the financial hub’s safeguards against illicit fund flows.
Officials of the MAS) have said plans to create the special unit predated a continuing scandal involving state fund 1MDB in neighbouring Malaysia and banks operating in Singapore.
“But these recent developments have indeed underscored the merits of bringing together supervisory resources from across MAS to give a centralised focus on combating money laundering,” a spokesman for the MAS said in June when it announced the creation of the unit.