SINGAPORE: Singapore will step up the struggle towards cash-laundering with a newly created surveillance unit and knowledge monitoring however personal banks should take the lead, its chief monetary regulator stated on Tuesday.
Ravi Menon, managing director of the Financial Authority of Singapore (MAS) which additionally serves because the central financial institution, stated monetary establishments should set the suitable ethical tone to assist battle illicit fund flows.
“Boards and senior administration particularly should ship a transparent sign that income don’t come earlier than values and ethics, and compensation buildings should encourage not solely excessive efficiency but in addition proper conduct,” Menon informed a discussion board with overseas correspondents.
He declined to particularly handle the 1MDB scandal in neighbouring Malaysia which has concerned banks based mostly in Singapore, denting the town-state’s status.
Revealed in Daybreak, September seventh, 2016
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