Singapore has launched its National Asset Recovery Strategy as announced by Prime Minister and Minister for Finance, Lawrence Wong.
The strategy aims to strengthen Singapore’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime. This is especially pertinent as the country faces increasingly sophisticated global money laundering activities that are often transnational, involving complex tactics to move illicit funds across borders.
Between January 2019 and June 2024, Singapore has seized a significant S$6bn linked to criminal and money laundering activities, demonstrating the scale and success of its efforts. Of this amount, S$416m has been returned to victims while another S$1bn has been forfeited to the state. The remainder is tied to ongoing investigations or legal proceedings.
The strategy is built on four pillars: detecting illicit funds, depriving criminals of their assets through seizure and confiscation, delivering maximum recovery of assets, and deterring criminals from using Singapore’s financial system for illicit purposes.
Enhanced cooperation with international partners and local stakeholders, such as banks and the community, forms a crucial part of these efforts. For example, the proactive use of SMS alerts by the Singapore Police Force’s Anti-Scam Command and local banks has been instrumental in disrupting scams and preventing potential losses of over S$100m.
“Singapore today published our National Asset Recovery Strategy, setting out our comprehensive approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assets or their return to victims,” Wong said. He also highlighted the global challenge of sophisticated money laundering and the critical role of Singapore’s AML efforts in combating such threats.
The initiative represents a proactive step towards safeguarding Singapore’s financial integrity, focusing not only on punitive measures but also on preventive actions through community and sector engagement.
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