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14-11-2023, 08:08 PM
When we open for business - and we have to be - criminals will also try to exploit the same economic openness and our strong reputation for rule of law, to launder their illicit funds, and create the appearance of legitimacy," she said.
Singapore handles massive volumes of transactions every day, she noted, and this sheer volume provides "easy camouflage" for illicit activities.
She outlined just how often suspicious transactions are flagged here as a result: The Suspicious Transaction Reporting Office, a body under the Singapore Police Force that focuses on financial intelligence, received an average of 43,000 suspicious transaction reports annually from 2020 to 2022, or more than 150 every working day.
In the same period, at least 240 people were convicted of money laundering offences, largely related to laundering domestic scam proceeds, and some S$1.2 billion worth of assets were seized.
Singapore handles massive volumes of transactions every day, she noted, and this sheer volume provides "easy camouflage" for illicit activities.
She outlined just how often suspicious transactions are flagged here as a result: The Suspicious Transaction Reporting Office, a body under the Singapore Police Force that focuses on financial intelligence, received an average of 43,000 suspicious transaction reports annually from 2020 to 2022, or more than 150 every working day.
In the same period, at least 240 people were convicted of money laundering offences, largely related to laundering domestic scam proceeds, and some S$1.2 billion worth of assets were seized.
