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SG to review laws on financial crimes amid money laundering issue

October 4, 2023 Singapore Crime & Legal

Singapore is prepared to alter its regulatory framework for combating financial crimes as it faces more scrutiny for its alleged involvement in money laundering activities. The move was taken as part of one of the largest money laundering investigations in the Asian financial center’s history.

The ruling People’s Action Party addressed concerns in Parliament, focusing on Singapore’s reputation as a site for concealing unlawful wealth. Singapore’s government has denied that pressure from Beijing played a part in a recent operation to imprison 10 persons of Chinese origin related to a high-profile money laundering case. The second minister of home affairs, Josephine Teo, emphasized the rumor’s deception.

In the middle of August, police apprehended ten Chinese individuals on suspicion of money laundering connected to illegal gambling, online gaming, and unlicensed moneylending in Singapore. Furthermore, several have been charged with forgery.

Assets worth about SGD 1 billion ($727.7 million), including houses, cars, bank accounts, bitcoin, gold bars, and other luxury items, were seized and blocked. This amount has risen to more than SGD 2.8 billion.

The problem has raised questions over how Singapore controls capital inflows, particularly considering that the city-state attracts wealthy Asians and single family offices that manage the assets of a single family. The city-state’s low tax burden attracts wealthy investors from all over the globe.

Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), now requires banks to extensively scrutinize such enterprises before accepting them as clients.

Furthermore, a panel comprised of members from several ministries and organizations will assess Singapore’s anti-money laundering rules. The committee will investigate methods to prevent corporate structures from being used for money laundering, assess how financial institutions can improve controls and detect suspicious activity, and evaluate the likelihood of money laundering in non-financial industries such as corporate services and real estate.

Singapore seeks to retain its reputation as a dependable financial and commerce hub with a strong rule of law by developing a dynamic financial center and ensuring a clean system.

Related Article About: Singapore Gambling News

Original story by: Nikkei Asia

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