Singapore has launched an assessment of money-laundering and terrorist-financing risks within its borders, the Ministry of Home Affairs said on Monday.

The assessment, which will be presented in a report that is expected to be published by the end of the year, is a risk audit of not only the financial sector, but also designated non- financial businesses and professions in Singapore, it said.

As part of the assessment, various agencies are engaging relevant stakeholders to identify the risks that may arise in their respective sectors and explore ways to mitigate them.

A joint steering committee led by the Ministry of Home Affairs, the Finance Ministry and the Monetary Authority of Singapore has been coordinating the efforts of the government agencies involved.

The ministry said that Singapore is committed to detecting and deterring illicit funds from passing through its economy.

Various government agencies have been working closely with the industry to put in place appropriate anti-money laundering and counter terrorist-financing measures, including the requirement for financial institutions to review high tax-risk accounts, it said.