Oral Reply to Parliamentary Question on Possible Studies and Recommendations by the Inter-Ministerial Committee that is Reviewing Singapore’s Anti-Money Laundering Regime

Question:

Dr Tan Wu Meng: To ask the Minister for Home Affairs (a) whether the Inter-Ministerial Committee established to review Singapore’s anti-money laundering regime will consider and study how potential offenders calculate (i) their own potential probability of being caught (ii) the range of existing sentencing precedents, when proposing any tightening of regulations and enforcements to prevent exploitation by criminals; and (b) whether the Committee will consider recommending the enhancement of detection, investigation and sentencing to safeguard Singapore’s stature as a respected financial centre.

Answer:

Ms Sun Xueling, Minister of State, Ministry of Home Affairs and Ministry of Social and Family Development:

1. In the Inter-Ministerial Committee’s review, the Inter-Ministerial Committee will indeed consider the increasingly sophisticated ways by which criminals may seek to exploit our systems, and make recommendations to ensure that our anti-money laundering regime remains effective in preventing, detecting, and enforcing against such. The Inter-Ministerial Committee will share its full findings and recommendations in the fourth quarter of this year. As for the adequacy of the penalties prescribed in the law, the Ministry of Home Affairs regularly reviews such, the last time being just recently in 2023.