This was the first time a ministerial-level summit was convened for fraud.
Second Minister for Home Affairs Josephine Teo represented Singapore at the inaugural Global Fraud Summit in London.
The statement, which was endorsed by countries including the United States, the United Kingdom, Japan, Canada and Australia, includes a commitment by the nations to find new ways to improve asset recovery, to strengthen international coordination in cracking down on criminal networks, and facilitate information sharing across borders.
On cross-border collaboration to pursue fraudsters and recover funds, Mrs Teo said Interpol has established a directory with points of contact for law enforcement agencies to liaise with their foreign counterparts. She said that in 2023, scam losses in Singapore did not spike further for the first time in five years. Likewise, she noted, there was a reprieve in ransomware cases last year.
Ransomware – a cyber-security attack that locks up important data or digital services until a ransom is paid – fell by 4 per cent from 137 cases in 2021 to 132 in 2022.She said that after the case came to light, Singapore established an inter-ministerial committee to review its anti-money laundering regime.Firms providing corporate services in S’pore to face tighter scrutiny under proposed law
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