Financial Crime World

Title: Netherlands and Singapore Join Forces to Combat Financial Crime and Cybersecurity Threats

In the digital age, financial crime and cybersecurity threats have become borderless challenges. To address these complex issues, the Netherlands and Singapore have joined forces through the Netherlands’ Partners for International Business (PIB) program. This collaboration aims to help Dutch businesses tackle global problems through public-private partnerships.

Collaborating to Combat Financial Crimes and Cybersecurity Threats

The partnership focuses on intricate commercial and governance challenges, including:

  • Cross-border financial crime
  • Crypto-related money laundering
  • Anonymity tools
  • Cybercrimes, such as ransomware and scams

Government agencies from both countries are actively involved:

  • Singapore: Home Team Science and Technology Agency (HTX) and Infocomm Media Development Authority
  • The Netherlands: Ministry of Justice and Security, National Police, and Public Prosecutors Office

Additionally, other organizations participate, such as:

  • ECXX
  • ABN AMRO Bank
  • Rabobank
  • Merkle Science
  • TAU Express
  • TNO
  • NTU

Harnessing Technology to Battle Technology-driven Crimes

With the borderless nature of cybercrime, cooperation between nations is essential. The Netherlands, a pioneer in blockchain technology, and Singapore, aiming to become a smart nation, can capitalize on technology to combat technology-driven crimes:

Roundtable Discussions

PIB organizes roundtable discussions for representatives from the Netherlands and Singapore to explore methods to combat financial crimes in the era of emerging and disruptive technologies. Discussions focus on:

  1. November 11, 2021: Virtual asset intelligence for financial crime prevention
  2. February 17, 2022: The potential rewards of cross-functional collaborations
  3. May 12, 2022: Strong Know Your Customer (KYC) practices and gathering intelligence

Quote from Dr. Mark van Staalduinen

Dr. Mark van Staalduinen, Managing Director of participating firm CFLW Cyber Strategies, emphasized the forward-thinking nature of the two countries, whose high technological adoption rates facilitate their shared goal of utilizing blockchain technology to create a safer cyberspace.