ChainCatcher reported that according to Bloomberg, the Singapore government released a 126-page report on Thursday, which deeply assessed the money laundering risks faced by the country. The report pointed out that in the process of attracting the world's super-rich and building an international financial wealth center, Singapore also faces severe anti-money laundering challenges. This situation makes Singapore vulnerable to being used as a channel for laundering funds from overseas financial fraud and other crimes.
The report details various money laundering methods in Singapore, including the use of bank accounts, payment accounts, shell companies and other complex structures and arrangements to transfer and conceal funds. The report particularly emphasizes that banks have become a high-risk area in money laundering activities due to their financial attributes and service characteristics.
Singapore has a large banking system with more than 150 banks, many of which offer convenient online financial services, facilitating electronic fund transfers. This also provides an opportunity for money laundering.
According to the report, in a recent money laundering scandal, Singapore authorities seized more than 1.5 billion Singapore dollars from bank accounts related to 10 convicted Chinese individuals and 17 fugitive suspects. In addition, assets such as cash, cryptocurrencies, real estate, gems, jewelry, watches and luxury handbags were seized from criminals.