Singapore will step up the fight against money-laundering with a newly created surveillance unit and data tracking but private banks must take the lead, its chief financial regulator said Tuesday.
Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) which also serves as the central bank, said financial institutions must set the right moral tone to help battle illicit fund flows.
"Boards and senior management in particular must send a clear signal that profits do not come before values and ethics, and compensation structures must motivate not only high performance but also right conduct," Menon told a forum with foreign correspondents.
He declined to specifically address the 1MDB scandal in neighbouring Malaysia which has involved banks based in Singapore, denting the city-state's reputation.