The monetary and financial regulator of Singapore reportedly wants to co-operate more intensively with its counterparts to combat terrorism financing and money laundering.

The monetary and financial regulator of Singapore wants to co-operate more intensively with its counterparts to combat terrorism financing and money laundering.

The Monetary Authority of Singapore is proposing to change the MAS Act and the Trust Companies Act for more effective international cooperation in countering these threats, according to a statement issued last week. 

A consultation paper issued last week from the MAS stated it that the MAS Act will be changed include financial holding companies so that they will be subject to appropriate anti-money laundering and countering financing of terrorism laws. The MAS Act will be amended to set out the need to perform customer due diligence and keep proper records in primary legislation.

The MAS has proposed that failure to comply will result in a fine not exceeding S$1 million and, in the case of a continuing offence, to a further fine of S$100,000 for every day during which the offence continues.

“The MAS Act will be amended to set out the need to perform customer due diligence and keep proper records in primary legislation,” the regulator said, noting that such moves have been already adopted by countries such as the US, Australia and New Zealand.