Asia is therefore committed to taking the important steps today to ensure our resilience to future shocks and thus secure the stronger foundations for our collective growth and stability. 4  BIS central bankers’ speeches
Our approach is preventive, pre-emptive and prescriptive (where specific rules are needed). This morning, allow me to outline three key features, namely: a)  a strong legal and regulatory framework that is in line with international standards;  b)  an effective supervisory regime; as well as  c)  a collaborative partnership with the industry. A strong legal and regulatory framework 10 A strong legal and regulatory framework is the basis of any effective regime. Over the years, MAS has updated our AML/CFT Notices for financial institutions several times, to take into account the latest global developments, as well as to incorporate emerging best practices. Our efforts to stay ahead of the curve are recognised internationally. In the 2008 FATF evaluation exercise, Singapore is assessed to have a strict and rigorous AML/CFT regime. We have agreed to undergo another evaluation in 2015. 11 We should not be complacent, for the reasons that I mentioned earlier. MAS will continue to strengthen the AML/CFT regime for financial institutions, to maintain relevance and effectiveness. Later this month, we will be issuing a public consultation on proposed amendments to a range of MAS’ AML/CFT Notices for financial institutions. This round of amendments draws reference from the revised FATF recommendations as well as international best practices, and should not be a surprise for those of you who have been following these developments. While there are a few new requirements in response to FATF recommendations, many of the proposed changes formalise existing practices and supervisory expectations.