Singapore’s wealth sector thrives amid the recent scandal

Despite the recent money laundering scandal, Singapore’s wealth management sector continues to thrive. The country’s financial sector regulator, the Monetary Authority of Singapore (MAS), highlights that Singapore remains a trusted global wealth management hub with high regulatory standards and a robust financial infrastructure.

In the wake of the S$3 billion money laundering scandal, Singapore has introduced new measures to strengthen its fight against money laundering. An inter-ministerial committee has been set up to strengthen the anti-money laundering framework to better combat financial crime. New laws and changes are aimed at strengthening oversight of corporate service providers and the launch of an information-sharing platform between banks, significantly improving the detection and prevention of illicit activities.

MAS highlights the steady growth of the wealth management sector, which is growing at an annual growth rate of 10% from 2018 to 2023, reaching S$5.4 trillion. This growth is accompanied by gains in other financial segments, confirming the resilience of the sector.

An important priority for MAS is to consistently implement high anti-money laundering standards across all financial institutions. Differences in practices among institutions have prompted MAS to engage the industry to discuss supervisory expectations, ensuring uniform application of AML requirements. These efforts aim to establish clear guidelines, enhancing overall compliance.

Despite some challenges, Singapore’s financial landscape remains attractive to foreign investors looking to develop their business projects in the country. MAS continues to work to improve the financial environment and maintain a competitive advantage in the global market.