Financial Crime World

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Financial Intelligence Agency - Annual Report 2022/23

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Key Findings

The report highlights several key trends and observations regarding Suspicious Activity Reports (SARs)/Suspicious Transaction Reports (STRs) received by the Financial Intelligence Agency.

Reduction in SARs/STRs

  • The number of SARs/STRs decreased by 13% or 26% compared to the previous fiscal year.
  • This trend suggests a reduction in suspicious activities being reported to the FIA.

Sector Breakdown

  • Retail Banks (RBs) accounted for 32% or 64% of SARs/STRs, indicating a significant contribution from this sector.
  • Money Service Businesses (MSBs) reported only 1% or 2%, suggesting a lower level of suspicious activity in this sector.
  • Law Firms/Attorneys and Real Estate Agency/Agents also showed a decrease in SARs/STRs.

Designated Non-Financial Business and Professions (DNFBPs)

  • DNFBPs accounted for 12% or 24% of SARs/STRs, with Gaming Establishments being the highest contributor.
  • Notably, there was a 7% or 140% increase in submissions by DNFBPs from FY20/21.

Charts

The report includes three charts:

Chart 3: Breakdown of SARs/STRs reported to the FIA

  • This chart provides a detailed breakdown of SARs/STRs reported to the FIA, highlighting the various sectors and industries contributing to suspicious activities.

Chart 4: SARs/STRs reported by FIs from FY18/19 to FY22/23

  • This chart shows the trend of SARs/STRs reported by Financial Institutions over the past four years.

Chart 5: SARs/STRs reported to the FIA by DNFBPs from FY18/19 to FY22/23

  • This chart highlights the increase in SARs/STRs reported by DNFBPs, including a significant surge in submissions from Gaming Establishments.

Recommendations

The report mentions Recommendation 32 of the 40 Recommendations implemented by The Financial Action Task Force (FATF), which stipulates that countries implement measures for all persons to make declarations of currencies or Bearer Negotiable Instruments (BNIs) over a specified threshold amount.

Cash Declarations

  • The FIA receives cash declarations from the Customs Department, which are used to determine whether persons found to be moving atypical volumes of cash may be involved in money laundering.
  • The threshold amount set by the TCIG for outward and inward declarations is USD10,000.00.