- Singapore intensifies efforts against money laundering and terrorism financing.
- National asset recovery strategy report published to strengthen AML framework.
- Over S$6 billion seized from criminal activities between 2019 and 2024.
Prime Minister Lawrence Wong of Singapore addressed the Financial Action Task Force (FATF), underscoring the nation’s determination to combat money laundering and terrorism financing.
The report revealed that from January 2019 to June 2024, Singapore seized S$6 billion ($4.4 billion) linked to criminal activities, with significant portions returned to victims or forfeited to the state.
Singapore Strengthens Anti-Money Laundering Efforts
At a recent FATF event, Prime Minister Lawrence Wong highlighted Singapore’s proactive stance on tackling financial crime. Emphasizing the nation’s vulnerability due to its status as a global finance hub, Wong reaffirmed Singapore’s commitment to safeguarding its financial system through rigorous anti-money laundering (AML) measures.
Singapore’s latest national asset recovery strategy report outlines key initiatives to enhance the country’s AML framework. One primary focus is asset recovery, aiming to strip criminals of their illicit gains and provide restitution to crime victims. The report, co-authored by the home affairs ministry, finance ministry, and central bank, underscores the government’s holistic approach to combating financial crime.
Between January 2019 and June 2024, Singapore successfully seized S$6 billion ($4.4 billion) connected to criminal activities. Of this, S$416 million was returned to victims, and S$1 billion was forfeited to the state, with ongoing investigations involving the remaining funds. This substantial recovery reflects the effectiveness of Singapore’s AML strategies and the importance placed on disrupting financial crime networks.
The banking sector, particularly wealth management, has been identified as the highest money laundering risk in Singapore. The country recently dismantled a major $2.24 billion money laundering ring operated by foreigners, who converted illicit funds into various assets. This high-profile case highlights the continuous need for stringent AML measures to protect Singapore’s financial integrity.
Singapore remains resolute in its fight against financial crime, implementing comprehensive strategies to safeguard its financial system and maintain its status as a trusted global finance hub.
“We seek to deprive criminals of their illicit gains, thereby removing the financial incentive for laundering their monies in Singapore.”
