Singapore’s Financial Intelligence Unit Boosts War on Money Laundering and Terrorism Financing
The Suspicious Transaction Reporting Office (STRO) in Singapore has seen a significant increase in suspicious transaction reports (STRs) in 2016, reflecting the growing vigilance of reporting entities and heightened awareness of anti-money laundering and counter-terrorist financing (AML/CFT) measures.
Surge in Suspicious Transaction Reports
In 2016, STRO received a total of 34,129 STRs, a 12% increase from the previous year. This surge is attributed to the growing awareness of AML/CFT measures among reporting entities, particularly in the banking sector. However, other sectors have also seen an increase in submissions.
Breakdown by Sector
- Banking sector remains the primary source of STRs
- Other sectors have also seen an increase in submissions (statistics not provided)
Dissemination of Financial Intelligence
When STRO’s analysis reveals possible money laundering, associated predicate offenses or terrorism financing, it disseminates financial intelligence and results of its analysis to law enforcement agencies and competent authorities for further investigation.
Dissemination Recipients
- Singapore Police Force (SPF)
- Commercial Affairs Department (CAD)
Financial intelligence plays a crucial role in many investigations, with law enforcement agencies using it to support probes into money laundering, associated predicate offenses or terrorism financing. According to STRO’s statistics, financial intelligence reports have directly impacted domestic investigations.
Cash Movement Reports and Cash Transaction Reports
STRO also receives cash movement reports (CMRs) from travelers and senders, carriers, and recipients. In 2016, a total of 73,408 CMRs were received, a 4% decrease from the previous year.
Dissemination of CMR Information
- Relevant information is disseminated to domestic law enforcement agencies and foreign financial intelligence units.
The STRO also receives cash transaction reports (CTRs) from casino operators and precious stones and metals dealers. In 2016, a total of 367,689 CTRs were received, a 3% decrease from the previous year.
Dissemination of CTR Information
- Information contained in CTRs provides valuable insights to complement investigators’ work
- Disseminated to domestic law enforcement agencies and foreign financial intelligence units where necessary