Financial Crime World

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Singapore Grapples with Financial Crime Definition as Global Threat Looms

In an era where financial transactions have become increasingly complex and global, Singapore has found itself grappling with the definition of financial crime. The city-state, known for its robust financial hub, has seen a surge in high-profile cases involving financiers and state funds.

The Scale of Financial Crime in Singapore

According to recent data released by the Monetary Authority of Singapore (MAS), between July 2017 and December 2018:

  • One criminal conviction was meted out
  • S$16.8m in financial penalties and compositions were imposed
  • S$698,000 in civil penalties were issued
  • 19 prohibition orders, 37 reprimands, 223 warnings, and 444 supervisory reminders were issued

Investigating Financial Crime in Singapore

The Commercial Affairs Department (CAD), a department of the Singapore Police Force, is responsible for investigating white-collar crimes, including financial fraud. Meanwhile, MAS conducts investigations and audits to ensure compliance with regulations under statutes such as the Securities and Futures Act.

Strengthening Collaboration to Combat Financial Crime

In a bid to curb the spread of financial crime, MAS and CAD have strengthened their collaboration, enabling speedy enforcement of financial laws and deterring individuals from using Singapore as a conduit for their crimes.

Investigating Corruption in Singapore

The Corrupt Practices Investigation Bureau (CPIB) is another agency responsible for investigating corruption. The CPIB reports directly to the prime minister and has extensive powers to investigate allegations of corruption.

Combating Money Laundering and Terrorist Financing

Singapore has also taken a strong stance against money laundering and terrorist financing, with the Terrorism (Suppression of Financing) Act setting out harsher penalties and increased enforcement powers.

Recent Developments in Financial Regulation

In recent developments, MAS has announced plans to implement several measures to strengthen its protection of consumers and safeguard public trust in financial institutions. These include:

  • Timely disclosure of corporate information by listed companies
  • Enhanced internal controls to detect and deter market abuse

Review and Investigation Timescales

According to the latest Enforcement Report published by MAS, the average time taken to review and investigate a case is around eight months, with criminal prosecutions taking around 33 months on average.

Conclusion

As Singapore continues to grapple with the definition of financial crime, it remains committed to maintaining a robust legal and regulatory framework to detect and deter money laundering, terrorist financing, and other related threats.