The government has strengthened its oversight of wealth inflows and affluent individuals since the money laundering case surfaced last year, and it has established an interministerial commission to study the anti-money laundering legislation.
According to a money laundering risk assessment analysis released by the government on Thursday, Singapore’s banking industry, which includes wealth management, presents the biggest risk of money laundering in the city-state. The home affairs ministry, the central bank, and the finance ministry stated in a statement that banks were especially vulnerable to money laundering risks because of the sheer volume of transactions they handle and their interaction with clients from high-risk jurisdictions.
The most recent national risk assessment report has been available since it was released in 2014. Ongoing efforts to guarantee that Singapore’s anti-money laundering regime “keeps pace with the identified risks” will be guided by the conclusions in the updated report. The information was obtained when a $2.24 billion foreign money-laundering operation was discovered in Singapore, where the final ten criminals were convicted on June 10.
The thieves kept cash in Singaporean bank accounts, which they later exchanged for jewelry, automobiles, houses, and purses. The government has intensified its monitoring of wealth inflows and affluent individuals since the money laundering case surfaced last year. To evaluate the anti-money laundering framework, an interministerial commission has been established by the government. According to the latest risk assessment study, organized crime, corruption, tax offenses, trade-based money laundering, and fraud—especially cyber-enabled fraud—are Singapore’s main threats to money laundering.
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