These developments came after weeklong operations against corporate money mules.
Tag: Money Laundering
Singapore hosts FATF plenary; PM Wong says “asset recovery a priority” in national policy
PM Wong referred to the work done on the interception of illicit funds, and the revised FATF standards to stop the movement of “around USD 2 to USD 3 trillion worth of illicit proceeds” through “the global financial system every year”.
Singapore’s Money Laundering National Risk Assessment lists digital payments, online gambling among high-risk sectors
Banking is the highest-risk channel of money laundering in Singapore, as per the assessment.
SPF conducts nation-wide operation, investigate 309 scammers and money mules
The suspects are believed to be involved in more than 1,600 cases of scams, comprising mainly investment scams, internet love scams, job scams, friend impersonation scams, and e-commerce scams, where victims reportedly lost over SGD 9 million.
Singapore: MAS to bolster defence against money laundering and terrorism financing with COSMIC platform
Following public consultation in October 2021, the Financial Services and Markets Act 2022 (FSMA) was amended in May 2023 to set out the legislative framework for COSMIC.