The updated Money Laundering National Risk Assessment also shows that Singapore’s key money laundering threats stem from scams – including through deepfakes and artificial intelligence – carried out by criminal syndicates typically based overseas.
FILE PHOTO: An employee shows gold bullions at Degussa shop in Singapore June 16, 2017. REUTERS/Edgar Su/File PhotoSINGAPORE: Precious stones and metals, and digital payments are two new areas identified as being at a higher risk of money laundering activity, revealed Singapore’s latest national risk assessment.
Money laundering has been thrust into the spotlight in Singapore after a S$3 billion case, which involved 10 foreigners and assets such as hard cash, luxury properties, branded goods, cryptocurrency and alcohol. All of them have since been convicted and sentenced. Calling the report a cornerstone document in Singapore’s anti-money laundering regime, Mr David Chew, director of the Singapore Police Force’s Commercial Affairs Department, said the national strategy focuses on prevention, detection and enforcement.
According to the agencies, the banking sector still poses the highest risks of money laundering, as banks are more easily exploited due to their role in facilitating large volumes of financial transactions.
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