Singapore authorities on Friday announced new measures to tackle money laundering, including inter-agency data-sharing, striking off of inactive companies and channels and programmes to get businesses to report suspicious activities.

Engaging businesses such as car dealers to report suspicious activities and inter-agency data-sharing are some of the new measures the government has proposed on Friday (Oct 4) to tackle money laundering in Singapore.

SINGAPORE -- The government of Singapore on Friday said it will tighten defenses against financial crime in the property and legal sectors, as the city-state ramps up scrutiny of potential money laundering.

The measures were recommended by an inter-ministerial committee that drew lessons from the billion-dollar money laundering case.

Singapore will roll out a fresh slate of measures to strengthen its anti-money-laundering regime in the coming year, as authorities emphasise the city state remains “open for business” in spite of the tightened regulations.

Singapore intends to flag and strike off companies that are inactive, increase data sharing across government agencies, and from next week educate non-regulated sectors