The new Strategy takes into account key risks identified by agencies in recent years, including the recently updated National Money Laundering Risk Assessment.
The Strategy focuses on three main objectives: 1) preventing criminal proceeds from entering the Singapore system, 2) detecting, identifying and countering illicit flows and activities in a timely and effective manner, and 3) enforcing, taking tough and deterrent action against those who abuse Singapore’s AML system.
The Strategy proposes measures that will enhance beneficial ownership transparency for legal persons and entities, review and develop the next phase of the beneficial ownership framework. It also proposes to improve the beneficial ownership framework for trusts by amending the Trusts Act.