The observation came in an updated government report released on June 20 that outlined just how vulnerable banks here are to criminal exploitation.
“As an international business, financial and trading centre with an open economy, Singapore is inevitably exposed to the threats of complex transnational money laundering, including by criminal syndicates and professional criminal elements seeking to... launder illicit funds from abroad,” said the joint report by the Ministry of Home Affairs, Ministry of Finance and Monetary Authority of Singapore (MAS).
Singapore, whose banking sector had a total asset size of almost $3.5 trillion as at the end of 2023, has been ranked by the International Monetary Fund as one of 29 systemically important financial centres in the world.
The country hosts more than 1,000 financial institutions and has one of the world’s fastest growing wealth management centres, with 76 per cent of the assets under management originating from outside Singapore as at the end of 2022.
The authorities have observed a wide range of laundering techniques, including complex and syndicated money laundering involving bank accounts and payment accounts, structures such as shell companies and trusts, and other structures spanning multiple jurisdictions and sectors.
Money laundering and terrorism financing have become more complex due to geopolitics and the increased use of sophisticated financial and business structures, said the report, which has been updated from 2014.
This story is from the June 21, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 21, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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.