No evidence of major lapses in money laundering controls: DPM Tharman

An ongoing probe into the alleged involvement of banks in Singapore in a multibillion-dollar Russian money laundering scam has not found any major lapses so far, Deputy Prime Minister Tharman Shanmugaratnam said on Monday (Jan 8) in a written reply to Aljunied GRC MP Sylvia Lim.

According to Mr Tharman, the Monetary Authority of Singapore’s (MAS) probe into the specific allegations has not been completed.

However, it has thus far not surfaced evidence of major lapses in anti-money laundering controls at the local banks.

He added that where the banks detected suspicious activities relating to the flows in question, appropriate risk-mitigating measures had been taken.

Mr Tharman was replying as Minister-in-charge for MAS to Ms Lim, who had asked if there was any investigation by local authorities into the alleged roles of several Singapore banks in the money laundering scheme dubbed “The Russian Laundromat”.

Read the full original article at Channel NewsAsia.

Working Group Members :

                   LN SPG LOGO             cac logo1