The Monetary Authority of Singapore (MAS) announced on 31 October 2025 that it is intensifying efforts to combat financial crime by collaborating with the Police through the Anti-Money Laundering Case Coordination and Collaboration Network (AC3N). This initiative follows the case involving Prince Holding Group, highlighting the need for robust measures against illicit activities.
Since 2022, financial institutions have been proactive in filing suspicious transaction reports, with several taking risk mitigation steps such as closing suspicious accounts. These actions have successfully prevented larger sums from being held within Singapore’s financial sector.
MAS is committed to maintaining close cooperation with the Police and will conduct supervisory reviews with financial institutions linked to the case. Assistant Managing Director of MAS, Loo Siew Yee, emphasised the importance of global and local partnerships in tackling financial crime. “Combatting financial crime requires global effort as illicit fund flows are often cross-border in nature. In addition to international cooperation, close public and private partnership is crucial,” she stated.
The AC3N, led by the Commercial Affairs Department of the Singapore Police Force and MAS, includes sector supervisors, law enforcement, and intelligence agencies dedicated to fighting money laundering in Singapore. This collaborative approach underscores the importance of vigilance and cooperation in safeguarding the financial system against illicit activities.
