Key Messages in Recent Briefings to International Banks and Plans to Tighten Anti-money Laundering Regulations
Prime Minister's OfficeSpeakers
Summary
This question concerns the objectives of government briefings to international banks and potential plans to tighten anti-money laundering (AML) regulations and sentencing. MP Mr Chua Kheng Wee Louis inquired about the key messages of these briefings and whether regulations would be strengthened following recent money laundering convictions. Minister Indranee Rajah clarified that such briefings are routine, decades-long practices used to engage stakeholders on topics including geopolitics, domestic policies, and ongoing AML cases. She noted that these sessions are not unusual and aim to explain the Government's positions while gathering feedback from international banks and various community groups. Finally, she stated that the Inter-Ministerial Committee will provide an update on findings regarding the tightening of the AML regime in the coming months.
Transcript
93 Mr Chua Kheng Wee Louis asked the Prime Minister (a) what are the objectives and key messages of the recent briefings by political officeholders to international banks operating in Singapore; and (b) whether there are plans to tighten anti-money laundering regulations and sentencing guidelines in Singapore following recent money laundering convictions.
Ms Indranee Rajah (for the Prime Minister): Mr Chua is likely to be referring to a Financial Times (FT) article that appeared on 20 April 2024. It claimed that the Singapore Government had given international banks an "unusual series of top-level briefings on geopolitics", allegedly to reassure them of Singapore's stability and neutrality amidst rising tensions between China and the West.
It is surprising that such a poorly sourced story, vainly searching for a point, could appear in a major paper like FT, especially after we had repeatedly clarified matters with the reporter, including telling her the briefings were not unusual.
Ministers and officials have been conducting such briefings for decades. We engage not only financial institutions but also numerous other groups, including businesses, professional bodies, voluntary and non-governmental organisations, community and cultural groups, unionists and students. Even among financial institutions, we engaged not only international banks based here but also Singapore banks. In brief, we engage as widely as possible.
It should not be surprising that these engagements address current issues. Besides geopolitical issues and international developments, such as the Russia-Ukraine war and the Israel-Hamas conflict, they also covered a whole range of domestic matters, from the cost of living to the Budget, from education to housing policies and also the ongoing money laundering cases. Our aim is to explain the Government's positions, hear from various stakeholders about their concerns and challenges and gather feedback.
As for the suggestion the Government was somehow conducting these briefings under the radar, FT did not report what we told its reporter: that almost all the briefings her article mentioned had already been publicised by the ministers on their own social media accounts. Senior Minister Teo Chee Hean also posted photographs of his engagement sessions.
It is significant that no reputable media outlet, international or domestic, chose to follow up on FT's story. Several asked us follow-up questions, but decided there was no story once we explained our position.
Regarding the Government's plans to tighten our anti-money laundering regime, the Inter-Ministerial Committee intends to provide an update on our findings in the coming months.