Regulatory developments strengthening AML/CFT controls and practices to detect and mitigate risks were at the forefront. Controls have been tightened across Asia Pacific including Philippines, Singapore and Vietnam. In Singapore, the Monetary Authority of Singapore (MAS) collaborated with the Commercial Affairs Department to investigate a criminal and money laundering syndicate that led to the seizure/freezing of USD$2.05 billion worth of assets.
Regulators have also issued additional guidance on risk assessment and reporting, proliferation financing, misuse of legal persons…
