SINGAPORE - Singapore's central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes.
Singapore's position as one of the world's leading financial centers and a trade hub makes it particularly vulnerable to money laundering due to large cross-border flows. Singapore has close ties with Myanmar and is one of its biggest investors. It said the situation in Myanmar could give rise to money laundering, terrorism financing and other financial crimes.
The MAS said that financial institutions should file any suspicious transaction reports and inform it promptly, adding that such reports should be labelled "Myanmar 2021".
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