Singapore picks up the pace in combating economic crime

Screen Shot 2016-03-03 at 17.02.37Singapore’s score on international rankings for corruption, currently number five on the list of least corrupt countries in the world, clearly provides a solid basis on which to build an effective AML regime. Nonetheless, given Singapore’s offshore status, undertaking risk-based customer due diligence — in particular for foreign PEPs and intransparent corporate vehicles, is still important for financial institutions and corporations in order to mitigate the risks of money laundering effectively.


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