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The platform will be used in the fight against money laundering, terrorism financing and proliferation financing. Read more at straitstimes.com.
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.
Monetary Authority of Singapore chief Ravi Menon, who is retiring soon, also ruled out entering politics.
Singapore banks eye Chinese clients as money laundering investigation grows as the amount of illicit funds reaches $1.75 billion.
It is high time our authorities dealt with loan defaulters and money launderers with utmost importance.