According to Odaily Planet Daily, the Monetary Authority of Singapore (MAS) recently released the "Singapore 2024 Money Laundering Risk Assessment Report". The report outlines Singapore's efforts to continuously strengthen its anti-money laundering (AML) framework in light of the changing risk environment. The report provides an extensive analysis of Singapore's main money laundering (ML) risks, highlighting major money laundering threats such as cyber fraud, organized crime, corruption, tax crime and transaction-based money laundering.
The report states that the banking industry has the highest risk of money laundering due to its wide range of services and large transaction volumes. In addition, the report also points out significant risks associated with digital assets and cryptocurrencies. Digital payment tokens (DPTs) have become an emerging channel for money laundering. To mitigate these risks, MAS has implemented strict regulatory measures under the Payment Services Act (PS Act). MAS regularly conducts thematic inspections and off-site supervision, and publishes guidance documents to enhance industry awareness and control measures.