Speech by Second Minister for Finance, Ms Indranee Rajah, at the Women Leaders in FATF Event on 27 June 2024 at 0830hrs

Good morning everyone,

President of the Financial Action Task Force, Mr T Raja Kumar

FATF delegates and observers,

Ladies and Gentlemen,

Welcome to Singapore. For those of you who have not been here before, a doubly warm welcome. For those of you who have been here before, welcome back. We are very happy to have you here. I am delighted to join you today to speak at this meaningful event and to launch the e-book titled "Breaking Barriers: Inspiring the Next Generation of Women Leaders".

IMPORTANCE OF GENDER EQUALITY

2. A diverse and inclusive culture that recognises and empowers women is essential to the success of any society. This is especially so for a small country like Singapore where our key resource is our people. Our government therefore did not leave gender equality to chance - we invested considerably in the promotion of women's development and their participation in all sectors of society, where women and girls have the opportunities and resources required to reach their full potential.

3. We have made much progress:

• Before our independence in 1965, Singapore society was much more traditional and patriarchal. The majority of women did not participate in many spheres of public life - polygamy was allowed; education of girls was not considered a necessity; and female participation in the workforce was low.
  

• Our founding leaders laid the groundwork for the progress of women in Singapore. The Women's Charter of 1961 was a major milestone towards gender equality - it instituted the rights of women, upheld monogamy, and protected vulnerable women and girls. The government also mandated universal education for males and females and embraced the principles of meritocracy and equal opportunity for all, which have since become a bedrock of our system. This further cemented women's development and standing in our society.
  

• Today we have high employment and literacy rates for women. Almost half of our university graduates are women.
  

• Women's participation in the labour force remains on the uptrend, and women are increasingly represented in leadership positions and traditionally male-dominated professions such as in the Science, Technology, Engineering and Mathematics (STEM) domain.
  

• In the recent UN Gender Inequality Index 2024, Singapore is ranked 8th worldwide and 1st in the Asia Pacific for having a low level of gender inequality.
  

4. But we are not resting on our laurels and we know that we need to continue to break barriers:

• In 2021, the Singapore Government embarked on a year-long nationwide conversation on Singapore Women's Development to take stock of our efforts to empower, uplift and support women, and understand their aspirations for Singapore women and mindset changes required for the further advancement of Singapore women.
  

• These conversations culminated in the White Paper on Singapore Women's Development, which sets out 25 action plans in areas such as Equal Opportunities in the Workplace, Protection from Violence, Support for Caregivers and Vulnerable Women, and Mindset Shifts. The White Paper was endorsed by the Singapore Parliament and its key action plans include introducing workplace fairness legislation, entrenching flexible work arrangements as a workplace norm, supporting caregiving needs by reducing caregivers' load and financial strain, and enhancing access to mentorship, networking, and training opportunities for women. We are working to implement the 25 action plans and will undertake a mid-term review in 2027 and report back to Parliament.
  

5. The recent 'Progress on Singapore Women's Development 2024' report noted good progress across different spheres - including employment, health and protection from violence - even as we acknowledge the need to continue efforts to address gender stereotypes.

6. Women have made substantial contributions to Singapore's nation-building efforts, including in the fight against crime, particularly financial crime and money laundering.

• This year, the Singapore Police Force celebrated 75 years of women in policing. During the event, we heard countless inspiring stories of the progress and achievements of our women in policing.
  

• There are many female officers who hold leadership positions in the Singapore Police Force (SPF).
  

• One notable example is that of former Deputy Commissioner of Police Florence Chua, the first woman to hold this rank. She was also the first female Director of the Criminal Investigation Department in charge of investigating serious crimes and sensitive cases.
  

• Another is Assistant Commissioner of Police Ms Aileen Yap, who was instrumental in setting up the Anti-Scam Command and currently plays a key leadership role in our fight against online scams and cyber-enabled fraud.
  

WHY IT'S IMPORTANT WOMEN BE PART OF AML/CFT EFFORTS

7. Around the world, women have also played a crucial role, in crime fighting and AML/CFT efforts:

• Women analysts were pivotal in tracking down Osama bin Laden, showcasing their expertise and dedication in one of the most significant counter-terrorism operations.¹
  

• Recently, women leaders from the Australian Federal Police and Hong Kong Customs' Bureau of Financial Investigations played an instrumental and prominent role in dismantling major transnational money laundering syndicates in their respective countries.²
  

EXPRESS SUPPORT FOR WOMEN IN FATF INITIATIVE

8. The FATF is at the forefront of our fight against money laundering and terrorism financing. Criminals constantly evolve their methods, developing more sophisticated modus operandi. It is thus crucial to harness our collective skills, resources, and knowledge in the fight against money laundering and terrorism financing.

9. Over the years, women have increasingly taken up leadership roles within the FATF. I fully support women holding these positions. An excellent example is the incoming FATF President, Ms. Elisa de Anda Madrazo, who will be the second female to assume this role. Her leadership will undoubtedly inspire many more women to pursue and excel in similar roles at international bodies like the FATF and in their countries.

10. I am heartened that the Singapore Presidency has committed to fostering greater diversity and inclusion. The Women in FATF and Global Network initiative was launched under our Presidency, with various initiatives aimed at empowering and inspiring the next generation of women leaders. This includes the Pilot Mentorship Programme, which seeks to foster the exchange of experiences and perspectives by female leaders in the AML/CFT domain with aspiring mentees. I would like to thank the FATF Secretariat and all member jurisdictions for their strong support which has contributed to the success of this initiative.

11. I would also like to highlight two Singaporean women leaders who have made contributions to the FATF as part of this initiative:

• From the Monetary Authority of Singapore, Valerie Tay. Many of you might know Valerie from her years of service as part of Singapore's delegation to the FATF, including as the Co-Chair of the Policy Development Group. Valerie has since moved on to head the Inspection & Supervisory Methodologies Department at the Monetary Authority of Singapore.
  

• From law enforcement, Jasmine Cher from the Commercial Affairs Department who is serving as a mentor to FATF Secretariat member Millie Radovic.
  

• Elisa and Jasmine are here with us this morning. Please join me in thanking them for their contributions and leadership.
  

12. As our Presidency term concludes, the e-book titled "Breaking Barriers: Inspiring the Next Generation of Women Leaders" marks a milestone in the progress we are making in empowering women in the AML/CFT global community. The e-book features the stories of women leaders who have actively challenged and overcome gender norms and prejudices with grit, courage, and resilience, and went on to make outstanding contributions in the AML/CFT domain. It also includes the voices of men who have been impacted by inspirational women leaders - their support is equally important.

13. One particularly inspiring story is that of Catherine Dion, Luxembourg's Head of Delegation to the FATF. Her story is filled with relatable anecdotes about the prejudices women face in various settings. Catherine's courage in actively challenging these stereotypes and now being in a position of influence - speaking out and making concrete changes to promote women in the workplace, is particularly admirable.

14. I am excited to be part of the discussion panel later during the following segment with some of the women featured in the e-book. Their experiences and insights will undoubtedly provide valuable lessons for all of us.

CONCLUSION

15. In conclusion, I hope that the e-book and other initiatives under the Women in FATF and Global Network will spark further conversations about the positive contributions women can make and the importance of empowering women to take on leadership roles in their respective domains. By doing so, we not only promote an inclusive community but also strengthen our collective ability to address the complex challenges in the fight against money laundering and terrorism financing.

16. I look forward to the incoming Mexican Presidency continuing with this initiative and seeing more women contributing to the important work of FATF. Together, we can create a more inclusive, diverse, and highly effective global effort to combat money laundering and terrorism financing.

17. Thank you.

¹ Source:

https://www.nbcnews.com/news/world/hunting-osama-bin-laden-was-womens-work-flna2d11594091

² Source:

https://www.abc.net.au/news/2023-02-02/afp-sydney-money-laundering-syndicate-operation-avarus-midas/101920170

https://www.yahoo.com/news/hong-kong-customs-arrests-7-061652196.html