Responsibility of gatekeepers to do the necessary checks and flag risks, as many do. Read more at straitstimes.com.
SINGAPORE – Detecting illicit activity is challenging because of the many transactions Singapore handles daily as a leading international financial centre, said Second Minister for Home Affairs Josephine Teo on Tuesday.
“The reality is that this sheer volume provides easy camouflage for illicit activities. Spotting a suspicious transaction among millions is challenging.So far, for that case,Mrs Teo said there may be more arrests and seizing of assets. “In fact, all major financial hubs, not just Singapore, are vulnerable. The same characteristics that make them attractive as financial hubs also make them attractive targets for money laundering.”
Mrs Teo revealed that since 2021, 96 enforcement actions have been taken against dealers for not filing such reports. She said the authorities will be looking to see if Singapore needs to extend anti-money laundering requirements to new classes of assets.The STRO works with the different sectors and regulators to develop a list of red flag indicators that is regularly updated to tackle emerging risk types and trends.
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