A candid – although short – interview with outgoing MAS MD Ravi Menon on money laundering

 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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