• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
Singapore's Anti-Money Laundering Efforts Yield S$6 Billion Seizure Since 2019

Singapore’s Anti-Money Laundering Efforts Yield S$6 Billion Seizure Since 2019

06/26/2024
Indian Exporters Turn to Europe Amid Rising U.S. Tariffs

Indian Exporters Turn to Europe Amid Rising U.S. Tariffs

10/15/2025
Officials Head to Washington for Tariff Talks

Officials Head to Washington for Tariff Talks

10/15/2025
Trump Links Tariff Policy to BRICS’ Dollar Alternatives

Trump Links Tariff Policy to BRICS’ Dollar Alternatives

10/15/2025
IMF Lifts Korea’s 2025 Growth Outlook as Tariff Impact Eases

IMF Lifts Korea’s 2025 Growth Outlook as Tariff Impact Eases

10/15/2025
Central Luzon Factory Faces Shutdown Over Tariff, Cost Pressures

Central Luzon Factory Faces Shutdown Over Tariff, Cost Pressures

10/15/2025
Shipping & Procurement Consultants Group (Inc.) Limited: Driving Global Trade and Logistics Excellence

Shipping & Procurement Consultants Group (Inc.) Limited: Driving Global Trade and Logistics Excellence

10/14/2025
Naneuleshan Apparel Limited Nominated for the Go Global Awards 2025

Naneuleshan Apparel Limited Nominated for the Go Global Awards 2025

10/14/2025
U.S. to Impose 100% Tariff on Chinese Goods After Rare-Earth Export Curbs

U.S. to Impose 100% Tariff on Chinese Goods After Rare-Earth Export Curbs

10/13/2025
U.S. to Impose New 100% Tariffs on Chinese Goods

U.S. to Impose New 100% Tariffs on Chinese Goods

10/13/2025
Markets Rally as Trump Suggests Flexibility on Planned China Tariffs

Markets Rally as Trump Suggests Flexibility on Planned China Tariffs

10/13/2025
U.S. Tariff Threat Met with Firm Response from China, Calls Grow for Dialogue

U.S. Tariff Threat Met with Firm Response from China, Calls Grow for Dialogue

10/13/2025
China Responds to U.S. Tariff Threat, Defends Rare Earth Export Policies

China Responds to U.S. Tariff Threat, Defends Rare Earth Export Policies

10/13/2025
supplychainreport
Thursday, October 16, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Singapore’s Anti-Money Laundering Efforts Yield S$6 Billion Seizure Since 2019

by Daisy Mae D.
06/26/2024
in Anti-Money Laundering (AML), Compliance

Singapore’s efforts to combat money laundering have resulted in the seizure of S$6 billion linked to criminal activities between January 2019 and June 2024. According to Singapore’s inaugural National Asset Recovery Strategy, a significant portion of these funds has been returned to victims or forfeited to the state. Prime Minister Lawrence Wong highlighted these achievements at the Financial Action Task Force (FATF) Plenary Meeting, emphasizing Singapore’s commitment to prioritizing asset recovery within its anti-money laundering framework.

The strategy outlines Singapore’s approach to depriving criminals of illicit funds, eliminating financial incentives for money laundering, and facilitating the return of assets to victims. PM Wong underscored the challenges posed by virtual assets and digital payment channels, which facilitate cross-border criminal operations and exploit information gaps between national law enforcement agencies. He stressed the necessity of international collaboration, acknowledging FATF’s leadership in coordinating global efforts against illicit financial activities.

YOU MAY ALSO LIKE

Swiss Security Solutions LLC Nominated for the Go Global Awards 2025

RightVantage Exim Launches Free Tariff Analysis Tool

PM Wong also discussed Singapore’s legislative advancements aligned with FATF standards, including enhanced regulations on beneficial ownership transparency and measures targeting risks associated with virtual assets and precious commodities. These legislative frameworks, such as the Criminal Procedure Code and the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, empower law enforcement agencies to investigate and prosecute money laundering offenses effectively.

Singapore’s approach involves a risk-based strategy focused on detecting emerging financial trends exploited by criminals while ensuring measures do not hinder legitimate activities. PM Wong highlighted successful operations resulting in the seizure and forfeiture of billions from convicted individuals, with ongoing efforts against remaining suspects. He emphasized the country’s publication of a national anti-money laundering strategy and upcoming legislation to further bolster its regulatory framework.

The joint statement from Singapore’s Finance and Home Affairs ministries, along with the Monetary Authority of Singapore, outlined collaborative efforts among law enforcement agencies and sectoral regulators to combat money laundering. This includes initiatives like the Suspicious Transaction Reporting Office, instrumental in uncovering significant money laundering networks. The strategy emphasizes a comprehensive societal approach involving various stakeholders to maximize asset recovery and deter money laundering activities.

As Singapore prepares for its FATF evaluation in 2025, PM Wong reiterated the importance of continuous improvement in global anti-money laundering efforts to combat increasingly sophisticated transnational criminal activities.

Discover the latest in supply chain logistics news on The Supply Chain Report. Free international trade tools are available at ADAMftd.com.


#AntiMoneyLaundering#AML#AssetRecovery#FinancialCrime#MoneySeizure#GlobalCompliance#SupplyChainNews

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.