Publication of National AML Strategy, Singapore’s Law Enforcement Strategy to Combat ML, and Various MAS Publications on ML, TF and PF

National AML Strategy

On 30 October 2024, Singapore published its National Anti-Money Laundering (“AML“) Strategy, which outlines its strategic approach to address money laundering (“ML“) risks and guides its risk-targeted actions to combat ML amidst rapidly changing risks and criminal typologies.

The three key pillars are:

  1. Prevent: Deter proceeds of crime from entering Singapore’s system and prevent the misuse of Singapore’s system by criminals;

  2. Detect: Identify illicit flows and activities and ensure timely and effective mitigation, disruption and enforcement actions; and

  3. Enforce: Take firm and dissuasive actions against persons who abuse Singapore’s system for ML.

These three pillars are in turn supported by three interdependent building blocks which form the foundation of Singapore’s AML framework (i.e. Whole-of-Society Coordination and Collaboration, Legal and Regulatory Framework and International Cooperation).

The National AML Strategy takes into account Singapore’s updated Money Laundering National Risk Assessment (“MLNRA“) and other risk assessments and reviews developed to enhance Singapore’s risk understanding and risk mitigation measures.

Singapore’s LEAAML Strategy

On 30 October 2024, the three law enforcement agencies (“LEAs“) involved in investigating ML in Singapore – i.e. the Singapore Police Force (“SPF“), the Central Narcotics Bureau (“CNB“) and the Corrupt Practices Investigation Bureau (“CPIB“) – published Singapore’s Law Enforcement Strategy to Combat Money Laundering (“LEA AML Strategy“).

The LEA AML Strategy: (i) supports the National AML Strategy; (ii) articulates the shared commitment by LEAs to combat ML; (iii) addresses the key ML treats identified in the 2024 MLNRA. It also updates the six strategies set out in the SPF’s AML Policy Statement and Strategies 2016, by identifying four focus areas and ten key actions, to ensure that the LEAs are at the forefront of AML efforts.

MAS Monographs / Information Papers on ML, TF and PF

On 30 October 2024, the Monetary Authority of Singapore (“MAS“) published the following monographs / information papers relating to ML, terrorism financing (“TF“), and proliferation financing (“PF“):

  1. The MLNRA synthesises the ML risks observed by various local authorities, as well as feedback from private sector entities and counterpart foreign authorities.

  2. The updated 2024 Terrorism Financing National Risk Assessment (“TFNRA”): (i) articulates the latest TF threats and vulnerable sectors in Singapore; (ii) takes into account key developments since the last TFNRA in 2020; and (iii) observes that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent.

  3. The Proliferation Financing National Risk Assessment and Counter-PF Strategy identifies: (i) the key PF threats Singapore is exposed to; (ii) higher-PF risk sectors; and (iii) the key PF risk mitigation measures that have been undertaken by both local authorities and the private sector.

  4. The Money Laundering and Terrorism Financing Risk Assessment of Legal Persons: (i) provides a targeted review of the ML and TF threats and vulnerabilities that the various types of legal persons in Singapore are exposed to; (ii) outlines relevant measures that have been put in place to mitigate these risks; and (iii) complements Singapore’s national ML and TF risk assessments.

  5. The Virtual Assets Risk Assessment: (i) provides a targeted review of the ML, TF and PF risks associated with virtual assets; (ii) complements Singapore’s national ML, TF and PF risk assessments; (iii) identifies the key threats and vulnerabilities Singapore is exposed to; and (iv) outlines relevant measures that government agencies and the private sector have put in place to mitigate the ML, TF and PF risks arising from virtual assets.

  6. The Money Laundering and Terrorism Financing Risk Assessment of Legal Arrangements: (i) provides a targeted review of the ML and TF threats and vulnerabilities that the various types of legal arrangements in Singapore are exposed to; (ii) outlines relevant measures that have been put in place to mitigate these risks; and (iii) complements Singapore’s national ML and TF risk assessments.

  7. AML/CFT Supervisory Expectations from Recent Inspections: Following from MAS’ recent series of anti-money laundering and countering the financing of terrorism (“AML/CFT“) inspections across a range of financial institutions (“FIs“), this information paper sets out MAS’ supervisory expectations and good practices for effective AML/CFT frameworks and controls that FIs should benchmark themselves against.

Click on the following links for more information (available at the MHA website at https://www.mha.gov.sg/):


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