Singapore sees money laundering cases hit a record high

Singapore prosecuted a record number of money laundering cases and seized more than S$115 million (HK$715 million) of suspected criminal proceeds in 2013 as more overseas offenders seek out bank accounts in the city.

"Singapore's openness as an international transport hub and financial centre exposes it to cross-border money-laundering and terrorist financing risks," Tan Boon Gin, director of the Commercial Affairs Department, said in the agency's annual report. "We are seeing a trend of overseas criminals seeking to launder money through Singapore bank accounts."

The city's white-collar police has tripled its financial investigation resources with an increase in suspicious transaction reports and aid requests from overseas enforcement agencies.

The agency received 22,417 suspicious transactions reports in 2013, a 25 per cent increase from a year earlier, according to the report. It provided financial intelligence to foreign agencies in 341 instances, up from 160 in 2012. The financial police received 164 overseas requests for assistance. More than S$65 million of suspected criminal proceeds were seized in the preceding year, according to the agency's 2012 annual report.

Singapore is boosting its anti-money laundering rules in line with global regulations following US authorities' probe of Swiss banks for their dealings on behalf of American clients. The city plans to regulate virtual-currency intermediaries including operators of bitcoin exchanges and vending machines to address money laundering risks.

The white-collar agency and the central bank are investigating suspected share-trading irregularities after a penny stock rout in October erased US$6.9 billion in market value.