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Lee, Madeline --- "Country Report: Anti-money laundering laws and regulations in Singapore" [2004] ELECD 132; in Pieth, Mark; Aiolfi, Gemma (eds), "A Comparative Guide to Anti-Money Laundering" (Edward Elgar Publishing, 2004)

Book Title: A Comparative Guide to Anti-Money Laundering

Editor(s): Pieth, Mark; Aiolfi, Gemma

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843766735

Section: Chapter 3

Section Title: Country Report: Anti-money laundering laws and regulations in Singapore

Author(s): Lee, Madeline

Number of pages: 50

Extract:

3. Country Report: Anti-money
laundering laws and regulations in
Singapore
Madeline Lee1

I EXECUTIVE SUMMARY
The objective of this chapter is to provide an analysis of the anti-money laun-
dering (AML) laws, regulations and practice in Singapore. The main sources
of information are official media releases, legislation, academic texts and
commentaries. Some unofficial interviews and discussions with bankers and
officials in Singapore were also made.
Singapore has commendably achieved its status as an important financial
centre in Asia within a relatively short period of time. In light of the scale of
the money laundering problem world-wide, Singapore recognizes the impor-
tance of a sound and effective anti-money laundering system to sustain a
competitive financial centre in Asia.
Initial legislation effort to fight money laundering in Singapore focused on
the proceeds from drug trafficking activities. However, it has become increas-
ingly clear that money laundering extends beyond the proceeds of drug traf-
ficking. As such, the Corruption, Drug Trafficking and Serious Offences
(Confiscation of Benefits) Act (CDSA) was amended in 1999 to extend the
asset confiscation and AML provisions of the former Drug Trafficking
(Confiscation of Benefits) Act beyond drug laundering provisions to cover
serious crimes. In addition, wider scope of powers is given to the enforcement
agencies and financial regulators in Singapore to deter money laundering. At
about the same time, the Extradition Act was amended to make serious crimes
money laundering offences extraditable. In 2000, the Mutual Assistance in
Criminal Matters Act was enacted. This ...