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Anti-Money Laundering / Countering the Financing of Terrorism Division
Media Coverage

Regulatory Excellence Award 2022

1 September 2022

MinLaw won the 2022 PST Regulatory Excellence Award for reducing money laundering risks in the precious stones and metals sector. Read the full story in the e-booklet.

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Text banner reading Regulatory Excellence Award for Regulatory Reforms for the Precious Stones and Metal Dealers Sector, Ministry of Law.

The Public Sector Transformation (“PST”) Awards is a Whole-of-Government pinnacle platform to recognise and reward public officers and public agencies for excellence in their work and organisational practices.

This year, the Ministry of Law (“MinLaw”) was awarded the Regulatory Excellence Award (“Award”) at the PST Awards 2022.

The Award recognises MinLaw’s efforts to mitigate the money laundering/ terrorism financing (“ML/TF”) risk in the precious stones and precious metals dealers (“PSMD”) sector through the introduction of various measures and regulatory reforms. These regulatory reforms eventually led to a better service experience and a progressive anti-money laundering/ countering the financing of terrorism (“AML/CFT”) framework for the PSMD sector.

This Award is also a testament to the strong working relationship between MinLaw and the regulated dealers in reducing the regulatory burden and enhancing the regulatory effectiveness. MinLaw would like to take this opportunity to thank the commitment and efforts displayed by the regulated dealers towards preserving the reputation of the PSMD sector and safeguarding Singapore against criminal activities.

Read and find out more about MinLaw’s achievement on page 27 of this [e-booklet](https://www.publicserviceweek.gov.sg/files/2022 PSTAC_Award Booklet.pdf){:target="_blank"}.

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