Singapore

Measures against money laundering, terror financing to be strengthened

Measures to counter money laundering and terrorist financing here will be strengthened, under proposed changes in the law that regulates virtual payment service providers.

They will also strengthen laws governing digital payment tokens to make sure that companies issuing such tokens protect the assets of their users, said the Monetary Authority of Singapore (MAS).

The amendment to the Payment Services Act was introduced in Parliament yesterday by MAS board member Ong Ye Kung, also the Transport Minister, to regulate payment service providers like banks, remittance companies and technology firms.

Among other things, the Bill seeks to expand the definition of digital payment token and cross-border money transfer services. - THE STRAITS TIMES

BUSINESS & FINANCE