pSome $416 million have been returned to victims, while $1 billion have been forfeited to the state./p
SINGAPORE - Anti-money laundering efforts in Singapore saw the authorities seize $6 billion linked to criminal and money laundering activities between January 2019 and June 2024.
The approach sets out how Singapore will deprive criminals of their illicit funds and assets, remove the financial incentives for criminals to launder their illicit proceeds in Singapore, and return these assets to victims. “But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre,” he said at the event held at the Marina Bay Sands Expo and Convention Centre.
PM Wong highlighted FATF’s progress in recent years in tackling three challenges – the interception of illicit funds; improving transparency of legal entities, such as companies and trusts; and in identifying ways to break down information silos. “We need to do better. But at least we are moving in the right direction, and we can aim for even higher recovery rates in the years to come,” he added.
PM Lawrence Wong speaking at the Financial Action Task Force Plenary at the Marina Bay Sands Expo and Convention Centre Grand Ballroom on June 26, 2024. ST PHOTO: KEVIN LIM The CDSA sets a legal obligation, making it an offence if individuals or entities fail to file suspicious transaction reports. Singapore adopts a risk-based approach, PM Wong said, adding that the country focuses on understanding latest trends and developments in the financial world that can be exploited by criminals, and developing tools and legal frameworks that will allow suspicious individuals and activities to be detected early.“After we picked up signs of illegal activities, we undertook extensive investigations and we seized more than $3 billion in assets from 27 suspects.
The recovery strategy comprises four pillars – detecting suspicious or criminal activities; depriving criminals of the ill-gotten gains; delivering maximum recovery of the assets; and deterring criminals from using Singapore to hide, move or use their illicit assets. The agencies noted that the STRO played a key role in helping to uncover the nation’s largest money-laundering network.
Between March and April, the office – in collaboration with partnering banks – sent out more than 16,700 SMS alerts to more than 12,500 scam victims.
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