Murali Pillai, Sim Ann and Chee Hong Tat on strengthening Singapore’s financial and business ecosystem

The Financial Action Task Force (FATF) has placed Singapore on regular follow-up, which is the category for countries that have been assessed to have performed well. The government will carefully study the FATF’s recommendations to strengthen certain aspects of Singapore’s framework. It will develop action plans that are risk-proportionate and suited to Singapore's context, ensuring that the country’s financial and business ecosystem continues to grow in a trusted environment and create good jobs for Singaporeans. Senior Minister of State for Law Murali Pillai said this in reply to an MP’s questions in parliament on Tuesday (Jul 7). He highlighted Singapore’s performance in international cooperation, beneficial ownership, financial penalties and countering proliferation financing. Senior Minister of State for Home Affairs Sim Ann responded to a supplementary question on international cooperation, while Deputy Chairman of the Monetary Authority of Singapore Chee Hong Tat replied to a question on proliferation financing.