Money laundering in Singapore up by almost 80% in 2023—Moody’s

The banking sector, which includes wealth management, poses the highest money laundering risks

SINGAPORE: Financial intelligence and analytics tool provider Moody’s said recently that money laundering events in Singapore increased by a hefty 79 per cent between 2022 and 2023.

Mr Chua pointed out that despite Singapore’s strong reputation for compliance, the risk of money laundering in its financial sector has increased, as noted in theIt said that the banking sector, which includes wealth management, poses the highest money laundering risks, and corporate service providers pose higher risks among the designated non-financial businesses and professions sectors.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

IndependentSG /  🏆 2. in SG

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asset recovery a priority in Singapore’s anti-money laundering regime: PM WongpSome $416 million have been returned to victims, while $1 billion have been forfeited to the state./p
Read more »

Asset recovery a priority in Singapore’s national anti-money laundering regime: PM WongpSome $416 million have been returned to victims, while $1 billion have been forfeited to the state./p
Read more »

Scammers using deepfake nude images to demand money from victims in SingaporeVideo calls and phishing links are used by scammers to obtain an image of the victim's face.
Read more »

No cases of casinos in Singapore directly complicit in money laundering: ReportThe unpredictable nature of gaming and the possibility of losing money make casinos less attractive to criminals.
Read more »

Singapore publishes updated money laundering national risk assessmentFraud by crime syndicates located overseas and organised crimes are key money laundering threats that Singapore faces, according to an updated national risk assessment. The report also highlights that the banking sector poses the highest risk to Singapore.
Read more »

Banking sector identified as posing the highest money laundering risk in SingaporeControls have improved, but global threats and risk environment have also increased in complexity.
Read more »