Singapore warns banks pose highest money laundering risk after US$2.24 billion scandal
- A government report said banks could be more easily exploited due to the sheer volume of transactions they handle
Banks had higher exposure to money laundering threats and could be more easily exploited due to the sheer volume of transactions they handle and their exposure to customers from high-risk jurisdictions, the home affairs ministry, the central bank and the finance ministry said in a statement.
This is the latest national risk assessment report since the previous one was published in 2014. The findings in the updated report will guide ongoing efforts to ensure that Singapore’s anti money laundering regime “keeps pace with the identified risks”.
The criminals held money in bank accounts in Singapore and converted some into real estate, cars, handbags and jewellery.
Since the money laundering case emerged last year, the government has set up an interministerial panel to review the anti-money-laundering regime and sharpened their policing of the inflows of wealth and wealthy individuals.