Corporate service providers, real estate, casinos as well as precious stones and metals are among the non-banking sectors that pose higher money laundering risks to Singapore, indicated the updated Money Laundering National Risk Assessment published on Thursday (Jun 20).
Singapore flags real estate, casinos, corporate service providers among non-bank money laundering risksPHOTO: The Business Times fileCorporate service providers, real estate, casinos as well as precious stones and metals are among the non-banking sectors that pose higher money laundering risks to Singapore, indicated the updated Money Laundering National Risk Assessment published on Thursday .
The agencies noted that the increased use of technology has enabled "rapid and large" transactions across borders, often involving the use of sophisticated money laundering structures and arrangements. Within the financial sector, digital payment token service providers were also flagged as a higher-risk sector.
"These include continued risk-targeted efforts to sensitise financial institutions and DNFBPs to the key, new and emerging money laundering risks, as well as to allow more timely detection, disruption and enforcement of illicit activities by law enforcement and supervisory agencies," they said. As part of a case study in the updated risk assessment, the agencies found that financial institutions had filed multiple suspicious transaction reports that helped the Suspicious Transaction Reporting Office and law enforcement agencies seize around S$1.5 billion in financial assets.
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