Singapore announces five-pronged strategy to counter the financing of terrorism

The Monetary Authority of Singapore (“MAS”) has published a five-pronged strategy to prevent, detect, investigate and enforce against terrorism financing. This strategy consists of local law enforcement and supervision and international partnership with foreign and international counterparts. Businesses, financial institutions, individuals and even non-profit organisations will need to stay vigilant and ensure that their processes effectively prevent anti-money laundering and terrorism financing. The MAS’s strong emphasis on international cooperation also means that individuals should be cognisant of the risks of extradition and repatriation.

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