Singapore's central bank, the Monetary Authority of Singapore (MAS), announced on Wednesday that it will take “firm action” against financial institutions (FIs) found to have violated anti-money laundering and terrorism financing requirements. This statement follows a recent police operation that resulted in the seizure of SGD1bn (USD735m) in cash and assets from suspected launderers residing in luxury properties, and the arrest of 10 foreigners aged between 31 and 44 for alleged involvement in forgery and money laundering. The MAS worked closely with the Commercial Affairs Department (CAD) to identify potentially tainted funds in Singapore’s financial system, aided by suspicious-transaction reports filed by FIs. Ho Hern Shin, MAS’ deputy managing director for financial supervision, emphasised that Singapore, as a global financial hub, remains vulnerable to such illicit activities.