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Singapore\u2019s response to the Prince Group allegations demonstrates that the reforms introduced in the wake of the S$3 billion money laundering case are functioning.\u00a0<\/p>\n
Following that August 2023 case, an inter-ministerial committee was established in November that year to review Singapore\u2019s 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\u2019s Commercial Affairs Department and the Monetary Authority of Singapore.\u00a0<\/p>\n
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.<\/p>\n
This coordination matters for faster decision-making and better intelligence sharing.\u00a0<\/p>\n
The AC3N brings together sector supervisors, law enforcement, and intelligence agencies \u2013 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\u2019 proactive measures, including account closures, prevented larger sums from entering our system.<\/p>\n
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.<\/p>\n<\/div>\n