Authorities in the city-state have observed that money laundering activities are increasingly sophisticated, involving swift movement of large sums of illicit funds and affecting many victims across borders, according to the report that sets out the country’s approach toward recovering illicit assets.
“Even the most robust preventive and asset recovery measures can be circumvented by determined and creative criminals,” the report stated, adding Singapore will continually enhance its rules to prevent such crimes.
The report also outlined legal frameworks to detect crime, including an anti-money laundering bill that’s expected this year.
Among ongoing measures to tackle money laundering risks, the city-state has been demanding more information from family offices and hedge funds while stepping up closures of dormant firms, Bloomberg News has reported. Banks in the financial hub are also ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, people familiar with the matter have said.
