27 Sep 2016
An international group that monitors money laundering said on Tuesday that Singapore should pursue more offenders involved in international cases and take more action to confiscate suspicious funds moving through the city-state.
“Singapore maintains one of the lowest domestic crime rates in the world and therefore the bulk of Singapore’s exposure to ML (money laundering) risks arises from offences committed overseas,” the Financial Action Task Force (FATF) said in a report assessing Singapore efforts against money laundering and to counter the financing of terrorism.
The FATF assessment came amid Singapore’s ongoing probe into money laundering offences linked to Malaysian state fund 1Malaysia Development Berhad (1MDB), which cast a spotlight on one of the world’s leading wealth management centres.
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