Here is the converted article in Markdown format:

Singapore’s Financial Intelligence Unit Forges Strong Partnerships to Combat Money Laundering and Terrorism Financing

======================================================

In its ongoing efforts to combat money laundering and terrorism financing, Singapore’s Suspicious Transaction Reporting Office (STRO) has been engaging the financial institution sectors and designated non-financial businesses and professions sectors to strengthen partnerships and collect vital financial intelligence.

Strengthening Partnerships

Through a combination of face-to-face meetings, publications, and online platforms, STRO provides guidance on trends and typologies of crime relevant to each sector, as well as discusses issues related to Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT). This approach has been instrumental in raising the usefulness of information in Suspicious Transaction Reports (STRs), Cross-Border Cash Movement Reports (CMRs), and Cash Transaction Reports (CTRs) filed by these sectors.

Enhanced Collaboration

To further enhance collaboration, STRO jointly organizes closed-door dialogue sessions, seminars, and conferences with industry associations and regulators. These events have been effective in sharing crime trends and typologies with the financial and business community, leading to a significant increase in the number of STRs, CMRs, and CTRs received.

International Cooperation

As a member of the Egmont Group of Financial Intelligence Units (FIUs), STRO collaborates with international networks of foreign FIUs to combat money laundering and terrorism financing. The unit also renders assistance to foreign counterparts in response to their requests for assistance (RFAs) and sends RFAs to its own foreign partners to further analyze financial intelligence and provide investigation leads to domestic law enforcement agencies.

Community Partnership

STRO regularly engages with the financial and business community, industry associations, and domestic law enforcement agencies through meetings and discussion forums. These interactions have been instrumental in enhancing the quantity and quality of financial intelligence received by STRO and its use in fighting crime.

Suspicious Transaction Reporting: A Vital Tool in Combating Money Laundering and Terrorism Financing

Money laundering is a significant threat to national security, and STRs play a crucial role in combating this menace. The unit receives and analyzes STRs from various sectors, including financial institutions, designated non-financial businesses, and professions.

Reporting Requirements

Under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA), all individuals and entities are required to file an STR if they know or have reasonable grounds to suspect that any property may be connected to a criminal activity. Failure to do so may constitute a criminal offense.

How to File

Individuals and entities can file an STR electronically via STRO’s Online Notices And Reporting platform (SONAR).

I hope this helps! Let me know if you have any further requests.