A candid – although short – interview with outgoing MAS MD Ravi Menon on money laundering https://www.bloomberg.com/news/videos/2023-11-02/singapore-central-bank-on-battling-money-laundering-video
Some key
points we picked up:
-
on
the question ‘is this just the tip of the iceberg’ his answer is not conclusive
– but I believe the consensus in the market would be that with so much money flowing
into Singapore there must be more going on – happy to hear opposing views
though….
-
Menon
talks about that when ‘dirt is found in the house it needs to be cleaned’ –
yes, it needs to be cleaned and thoroughly at that, but no mention is made of
additional measures of prevention
-
interesting
as well that – finally – it is recognised that the real estate sector (and
other luxury segments in the economy) need to do more in the fight against
money laundering.
Regulators
focus – of course – on regulations. But it’s not just policy and guidelines that
fight financial crime. Much more it is the operational practises in financial
and non-financial institutions that stop criminals entering the financial
system. Only then can an organisation achieve operational compliance. And it
all starts with training and awareness…
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