According to ChainCatcher, 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 Singapore also faces severe anti-money laundering challenges in the process of attracting global super-rich and building an international financial wealth center. Singapore is easily used as a channel for laundering funds from overseas financial fraud and other crimes.
The report details a variety of 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. 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.
In a recent money laundering scandal, Singapore authorities seized more than S$1.5 billion from bank accounts linked 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.
