MyComplianceOffice Blog

Singapore’s Parliament has passed the Anti-Money Laundering (AML) and Other Matters Bill, a crucial step in enhancing the nation’s defences against financial crimes. The Bill, introduced by Singapore’s Second Minister for Home Affairs, Josephine Teo, is designed to strengthen the country’s anti-money laundering (AML) framework, ensuring it keeps pace with global standards set by the Financial Action Task Force (FATF). Teo explains during her second reading of the Bill, “We have been distilling the learning points through careful studies of the changing modus operandi, as well as the new standards promulgated by FATF.”