'S'pore plays an important role againstmoney-laundering'

Singapore, a major international financial centre, has put in place a "robust preventive regime" as part of the global efforts against money- laundering, a top official said today.
The Monetary Authority of Singapore (MAS) has put in place a "robust preventive regime" that combines tough licensing requirements, strict regulations and rigorous supervision, said Chan Chun Sing, Minister in the Prime Minister's Office in parliament today.
Speaking on behalf of Prime Minister Lee Hsien Loong, Chan told the house "Financial institutions here have to put in place controls to detect and deter illicit funds through the Singapore financial system.
They are required to report any suspicious transactions that they come across.

Responding to a question in the house, the Minister also pointed to the Suspicious Trade Reporting Office, which plays a key part in flagging potential illicit transactions here.
Opposition member of parliament, Sylvia Lim, had asked whether the country's anti-money laundering regime is robust enough to deter illicit money flowing through its financial system.

Local reports said the question was raised in light of the current investigation into Malaysia's state fund 1 Malaysia Development Berhad (1MDB) and the recent release of the Panama Papers, which detailed the offshore financial activities of political leaders and international figures.
Singapore's Attorney-General's Chambers is assisting its Swiss counterpart with investigations into the troubled 1MDB, financial dealings of which is linked to the Malaysian government.

The chambers is assisting the Office of the Attorney General of Switzerland relating to information and documents on certain fund flows from 1MDB and entities related to it, The Straits Times reported today.
On Singapore's stance on corruption in general, Chan agreed with Lim that while corruption numbers are low, the country must continue to maintain its vigilance.
"We have a robust and comprehensive anti-corruption framework. Our Prevention of Corruption Act provides for extra-territorial jurisdiction such that acts of Singapore citizens, even if it's done overseas, will be dealt with in the same manner as they were committed in Singapore," he said.

"Our reputation for being against corruption is hard-fought and hard-won, but that does not mean we can let our guard down," Chan was quoted as saying by Channel News Asia.