The Monetary Authority of Singapore (MAS) has said that it is working closely with the Police through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N)[1] to follow up on the case involving Prince Holding Group.
Financial institutions (FIs) had filed suspicious transaction reports early on. A number of FIs had also undertaken risk mitigation measures, for example by closing suspicious accounts. This had averted larger sums from being held in our financial sector.
MAS will continue to work closely with the Police, and will also conduct supervisory reviews with FIs with a nexus to the case.
Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said: “Combatting financial crime requires global effort as illicit fund flows are often cross-border in nature. In addition to international cooperation, close public and private partnership is crucial. MAS works closely with the Police, our international counterparts and our FIs to protect our financial system against illicit activities, including staying vigilant to money laundering risks.”
- [1] The AC3N is led by the Commercial Affairs Department of the Singapore Police Force and MAS, and comprises relevant sector supervisors, law enforcement agencies, and intelligence agencies involved in combatting money laundering in Singapore.
