The authority said “as part of its ongoing efforts to protect the integrity and reputation of Singapore as a trusted international financial centre, a broad range of serious tax crimes will be designated as ML predicate offences”. It added that the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act will be updated from 1 July next year to reflect the change.
Meanwhile, the MAS has also launched a consultation on how financial institutions implement money laundering policies. Specifically, the MAS said the consultation will look at how institutions will develop and implement policies, controls and procedures to detect and deter the laundering of proceeds from wilful or fraudulent tax evasion through the financial system.
The consultation paper is available on the MAS website. The MAS said it invites interested parties to provide feedback on the implementation framework, as well as, suggestions to facilitate practical and effective implementation. Comments should reach MAS by 9 December 2012 and electronic submissions can be sent to email@example.com.