Desmond Choo on Anti-Money Laundering and Other Matters Bill

Against the backdrop of the recent S$3 billion money laundering case, it is crucial for Singapore to take decisive action to strengthen its financial system, said MP Desmond Choo. Speaking in Parliament on Tuesday (Aug 6), he noted the “timely” move to nail offences like illegal mining and logging by aligning Singapore’s framework with international efforts to protect the environment to ensure effective enforcement. He wanted to know how the measures will be implemented to foster international cooperation in investigating such offences. Mr Choo said it is essential to establish partnerships with global environmental agencies and enhance information-sharing protocols. On efforts to enable agencies to share data with the Suspicious Transaction Reporting Office, Mr Choo said real-time data sharing is vital for timely intervention and regulatory action. He said the Government must ensure that robust data privacy and security measures are in place. Mr Choo said a key aspect of the Anti-Money Laundering and Other Matters Bill is the focus on leveraging technology to combat money laundering and other financial crimes. Technologies like artificial intelligence and blockchain offer significant potential to enhance transaction monitoring, he said. He wanted to know how the Government intends to use these technologies to combat money laundering. Turning to casino customer due diligence checks, he stressed the need to balance the new requirements with operational feasibility. He suggested a phased approach to introducing these requirements. Mr Choo said the labour movement is ready to assist with education and awareness efforts.