POST-REFORM COORDINATION IN ACTION
Singapore’s response to the Prince Group allegations demonstrates that the reforms introduced in the wake of the S$3 billion money laundering case are functioning.
Following that August 2023 case, an inter-ministerial committee was established in November that year to review Singapore’s AML framework. This led to the establishment of the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N) in late 2024, led jointly by SPF’s Commercial Affairs Department and the Monetary Authority of Singapore.
After US and UK authorities disclosed their findings, Singapore moved within 16 days to seize S$150 million in assets, including properties, bank accounts, a yacht and 11 cars.
This coordination matters for faster decision-making and better intelligence sharing.
The AC3N brings together sector supervisors, law enforcement, and intelligence agencies – traditionally siloed entities. Supporting this will be NAVIGATE, a whole-of-government data sharing interface that allows agencies to screen across databases for money laundering risks. Financial institutions’ proactive measures, including account closures, prevented larger sums from entering our system.
Yet coordination cannot eliminate the fundamental tension all global financial centres face: What attracts legitimate business to Singapore, London, New York or Hong Kong, also attracts criminals seeking to legitimise illicit proceeds.
Source: CNA
