The Monetary Authority of Singapore fined 22 financial institutions and restricted operations at seven institutions in the past three years for weak controls to prevent money laundering and terrorism financing, a senior official of the central bank said on Friday.

The authority also issued 47 warnings and reprimands and revoked or not renewed the licenses of 13 money changers and remittance agents, Lee Boon Ngiap, assistant managing director of the Monetary Authority, said at a seminar on Friday.

A few financial institutions were directed to conduct a review of their anti-money laundering frameworks.

From July 1, Singapore has tightened its laws to make tax evasion a money laundering offence, to safeguard the country's reputation as an international financial center. It is also expanding its network of partners with which it trades information on tax issues.

Lee said the authority carried out 108 on-site inspections of financial institutions related to anti-money laundering and terror financing controls from 2010 to 2012.