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.
About $416 million has been returned to victims, while $1 billion has been forfeited to the state. A large bulk of the remaining sum is linked to ongoing investigations or court proceedings.
The details were published in Singapore’s first-ever National Asset Recovery Strategy, which Prime Minister Lawrence Wong announced on June 26 at the opening of the Financial Action Task Force (FATF) Plenary Meeting.
PM Wong said Singapore has made asset recovery a priority in its national anti-money laundering regime.
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.
Through the collective efforts of the money laundering watchdog FATF and its partners, PM Wong said Singapore has made progress against money laundering and terrorism financing at the global level.
“But the success of the global effort against financial crime is also dependent on effective implementation within national borders.
“Singapore is fully committed to doing our part. As an international financial and business hub, we recognise that we face greater money laundering and terrorism financing risks.
“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 said virtual assets and digital payment channels have made it easier for criminals to move and hide their illicit proceeds, and to operate across borders while exploiting the information silos that exist between national law enforcement agencies.
هذه القصة مأخوذة من طبعة June 27, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June 27, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Krupnova brings positivity to Wondersticks and S'pore
While it has been only two weeks since Eliska Krupnova joined Singapore Floorball Premier League (SFL) side Wondersticks, the 2020 world's best female floorball player has lit up the league in more ways than one.
HER UNFINISHED BUSINESS
Belarusian Goutseva back to complete her artistic swimming vision for Singapore
Villa now in the big leagues, thanks to their manager
On The Ball | There are doubts about the new Champions League format, its extended group stage and \"Swiss model\" fixture list. Try telling that to anyone connected with Aston Villa, though.
REDS' WIN 'SPECIAL' FOR SLOT
Manager says it will let wife see a happy man, but warns of tough stretch ahead
Respectful Emery wary of United's winning mentality
Unai Emery praised the under-pressure Erik ten Hag on Oct 4 as the Aston Villa boss labelled Manchester United \"the best team in the world\" despite their dismal form.
ANGE FACES A 'CURIOUS' TEST BY HURZELER
Brighton boss, who asked 'many questions' on a day at Spurs in 2023, has 'inside info'
Pogba's 'nightmare is over' as ban cut to 18 months
French international footballer Paul Pogba said on Oct 4 that his \"nightmare is over\" after a four-year ban for doping was reduced to 18 months.
Blues need time to compete with City, Arsenal
Chelsea are improving but are not yet ready to compete with top English Premier League clubs like Manchester City and Arsenal, manager Enzo Maresca said on Oct 4.
Billie Jean King Cup to align with Davis Cup format
The Billie Jean King Cup Finals will transition to an eight-team event in 2025, from the current 12, to mirror the existing Davis Cup format, the International Tennis Federation (ITF) said on Oct 4.
Money talks to grow US rugby reportedly back on
Rugby union's governing body World Rugby has revived talks to raise funds for growing the sport in the United States, three people familiar with the matter said.