UAE official lauds S'pore's handling of $2.8b money laundering probe

He hopes globally significant’ case will spur other jurisdictions into similar efforts

- David Sun Crime

The United Arab Emirates' head of anti-money laundering has praised Singapore's handling of the $2.8 billion money laundering probe here, describing the operation as a case of global significance.

Mr Hamid Al Zaabi, directorgeneral of the UAE's Executive Office of Anti-Money Laundering and Counter Terrorism Financing, said he hopes the bust will spur other jurisdictions into similar efforts to tackle the problem.

"Singapore's money laundering case is globally significant and is worthy of applause," he said.

"I know some commentators have said that the size of the bust suggests s weaknesses in the national anti-money laundering and counter-terrorism financing system, but this is completely wrong.

"Instead, it demonstrates two things: one, that money laundering operates on a massive scale globally; and two, Singapore will go after the bad guys, no matter how big or powerful they are."

The case involving some $2.8 billion so far is Singapore's biggest money laundering case and has drawn international attention.

Mr Al Zaabi is in Singapore this month as he leads a delegation of Emirati authorities with the objective of strengthening collaboration with Singapore partners in the fight against financial crime.

Speaking to The Straits Times, he said both the UAE and Singapore are reputable financial hubs, inevitably attracting both legitimate investments and bad actors such as organised crime groups looking to launder criminal proceeds.

"Organised crime spreads like a cancer and causes harm in many ways," he said.

"Ultimately, money laundering poses serious risks to economic stability because it undermines competition, hampers growth, deepens inequality and erodes confidence in the integrity of the global financial system."