Singapore's Marina Bay (Photo:straitstimes.com)
Singapore (VNA) – Singapore will intensify measures to fight money laundering and terrorism financing in response to the latest warnings of the Financial Action Task Force (FATF).

In a joint statement released on September 27, the Ministry of Home Affairs, the Ministry of Finance and the Monetary Authority of Singapore (MAS) said law enforcement agencies would strengthen their capabilities to identify and investigate transnational money-laundering cases.

The country also calls for stronger intergovernmental cooperation, including intelligence sharing and stricter law enforcement in the fight.

According to the FATF, Singapore should more aggressively target the more complex cases expected of a sophisticated financial centre, including trade fraud and transactional corruption.

The MAS has carried out sanctions against 27 financial organisation for crimes relating to money laundry and terrorist financing over the last three years.

On July 21, the authority withdrew the licence of Switzerland's BSI Bank, which has been linked to the 1MDB fund and announced its plan to investigate four other banks. It also froze 117 million USD in assets through investigation into the 1MDB.

Along with strengthening the monitoring of financial organisations to prevent money laundry and illegal financial activities, the authority has also bolstered measures to ensure transparency, and trust of the country’s financial system.-VNA