Singapore fines 22 financial firms for money laundering

Restricts operations at seven others.

The Monetary Authority of Singapore said the fines and penalties for lax controls were imposed over the past three years to prevent money laundering and terrorism financing.

MAS said it also issued 47 warnings and reprimands and revoked or did not renew the licenses of 13 moneychangers and remittance agents.

A few financial institutions were directed to conduct a review of their anti-money laundering frameworks or asked to increase resources dedicated to this function.

From 2010 to 2012, MAS carried out 108 on-site inspections relating to anti-money laundering and terror financing controls on financial institutions.

Effective July 1, Singapore tightened its laws to make tax evasion a money laundering offense to safeguard the country's reputation as an attractive international financial center. It is also expanding its network of partners with which it trades information on tax issues by 11 jurisdictions.

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