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Lawrence Wong on the Pandora Papers

A massive leak of financial records dubbed the Pandora Papers has not raised significant concerns about the anti-money laundering and counter-terrorism financing (AML/CFT) controls of Singapore’s financial institutions, based on assessment by the Monetary Authority of Singapore (MAS). However, MAS is looking into whether any tightening of controls is needed, Finance Minister Lawrence Wong told Parliament on Wednesday (Nov 3) in response to MPs' questions. He said both the licensed trust companies in Singapore that are mentioned in the Papers had already been under heightened scrutiny and subject to MAS action last year. Asiaciti Trust paid a composition penalty of S$1.1 million for failing to implement adequate AML/CFT policies and procedures. Trident Trust was directed to remedy weaknesses in its risk assessment controls.

A massive leak of financial records dubbed the Pandora Papers has not raised significant concerns about the anti-money laundering and counter-terrorism financing (AML/CFT) controls of Singapore’s financial institutions, based on assessment by the Monetary Authority of Singapore (MAS). However, MAS is looking into whether any tightening of controls is needed, Finance Minister Lawrence Wong told Parliament on Wednesday (Nov 3) in response to MPs' questions. He said both the licensed trust companies in Singapore that are mentioned in the Papers had already been under heightened scrutiny and subject to MAS action last year. Asiaciti Trust paid a composition penalty of S$1.1 million for failing to implement adequate AML/CFT policies and procedures. Trident Trust was directed to remedy weaknesses in its risk assessment controls.

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