In an assessment report, Singapore’s financial regulator flagged banking as the sector with the highest money laundering risk, following a $2.2 billion scandal.
The banking sector, including wealth management, poses the highest money laundering risks, according to the «Money Laundering National Risk Assessment» (ML NRA) report by the Monetary Authority of Singapore (MAS).
Corporate services providers, such as those that help with the incorporation of companies, were named as non-financial entities with the highest laundering risk. The regulator also highlighted digital payment token service providers, cross-border money transfer service providers, licensed trust companies, the real estate sector as well as precious stones and metals dealers as sectors with higher risk.
Key Threats
In terms of the means, the report identified fraud, particularly cyber-enabled fraud, organized crime, corruption, tax crimes and trade-based money laundering as key threats.
«The findings from the ML NRA, together with other risk assessments conducted by the authorities, serve as a guide for all stakeholders […] to detect and keep pace with the priority and emerging risks, take appropriate preventive measures as well as to allow more timely detection, disruption and enforcement on illicit activities,» the MAS said.
