The Inter-Ministerial Committee (IMC) of Singapore has published a comprehensive set of recommendations to bolster the nation’s anti-money laundering (AML) framework, focusing on proactive prevention, timely detection, and effective enforcement. The review, prompted by lessons from a significant money laundering case in August 2023, targets key vulnerabilities in corporate structures, financial institutions, gatekeepers like corporate service providers and real estate agents, as well as government monitoring and enforcement mechanisms. The report emphasizes a collaborative, whole-of-society approach involving all stakeholders to enhance Singapore’s resilience against increasingly sophisticated criminal tactics.

The recommendations aim to strengthen AML standards, support gatekeepers in risk management, and engage non-regulated sectors to deter criminal misuse of systems. They include enhancing data-sharing mechanisms, refining legislative tools for enforcement, and maintaining proportionate penalties. By fortifying detection and enforcement capabilities and fostering coordination among agencies, the measures seek to ensure Singapore remains a trusted financial hub while safeguarding against evolving financial crimes, preserving its integrity, and welcoming legitimate global investors.