Singapore's Law Enforcement Strategy to Combat Money Laundering

30 OCT 2024

The three law enforcement agencies that are directly involved in investigating money laundering in Singapore – the Singapore Police Force (SPF), Central Narcotics Bureau (CNB) and Corrupt Practices Investigation Bureau (CPIB) – have published Singapore’s Law Enforcement Strategy to Combat Money Laundering. This strategy document supports the National AML Strategy1, which was also published today. It articulates the shared commitment by law enforcement agencies to combat money laundering (ML) and addresses the key money laundering threats identified in the 2024 ML Risk National Assessment (NRA)2. This document is a refreshed version of the SPF’s Anti Money Laundering (AML) Policy Statement and Strategies published in 2016.

2. Singapore adopts a holistic approach to AML. This involves government agencies, public-private partnerships, and international collaboration, centred on the three pillars of prevention, detection, and enforcement. The SPF, CNB and CPIB play a significant role in all three pillars.

3. The law enforcement agencies have made major progress on the six strategies in SPF’s AML Policy Statement and Strategies 2016. Singapore’s Law Enforcement Strategy to Combat Money Laundering updates these strategies by identifying four Focus Areas and 10 Key Actions to ensure that the law enforcement agencies are at the forefront of AML efforts:

Focus Area 1: Whole-of-society outreach & awareness of key ML threats

(i)             Engage society to deter ML activities

(ii)            Share emerging risks observed with other public agencies for stronger supervision and regulatory enforcement

Focus Area 2: Better sensemaking across public and private stakeholders

(iii)             Enhance the analysis and use of financial intelligence to detect ML

(iv)            Promote interagency and public-private information flows and collaboration

Focus Area 3: Enhance investigative capability for key ML threats

(v)          Ensure AML laws remain up-to-date and dissuasive

(vi)          Build on platforms with other competent authorities and international counterparts to detect and investigate ML

(vii)           Leverage digitalisation and technology for more effective investigative tools

Focus Area 4: Strengthen asset recovery capabilities

(viii)          Continue to pursue criminal assets moved into and out of Singapore

(ix)         Strengthen capabilities in tracing and recovering virtual assets

(x)       Ensure strict enforcement of the cross-border cash reporting regime

4. Together with our AML stakeholders, the SPF, CNB, and CPIB will continue our efforts to enhance our enforcement capabilities and maintain Singapore’s reputation as a trusted financial centre and business hub. Please click herefor a copy of Singapore’s Law Enforcement Strategy to Combat Money Laundering.

SINGAPORE POLICE FORCE

CENTRAL NARCOTICS BUREAU

CORRUPT PRACTICES INVESTIGATION BUREAU

30 OCTOBER 2024

1 Link to National AML Strategy: https://www.mas.gov.sg/-/media/mas-media-library/publications/monographs-or-information-paper/amld/2024/singapore-national-aml-strategy.pdf

2 Link to 2024 ML NRA: https://www.mha.gov.sg/docs/default-source/default-document-library/ml-nra-v2.pdf?sfvrsn=72def874_1