Singapore’s Battle Against Money Laundering and Financial Crimes: A Surge in Scams and Ongoing Investigations

Record-Breaking Money Laundering Case in Singapore

• Singapore, a financial hub known for strict laws, faces a wave of financial crimes since the pandemic.
• City-state made headlines with its largest-ever money laundering case, still under investigation.
• Seized assets total over US$2.2 billion.

Rise of Online Scams in Singapore

• Reported cases of scams spiked by 47% in 2023.
• Total monetary losses decreased slightly.

Common Types of Scams

• Unsuspecting victims asked to complete tasks & transfer funds.
• Scammers promise a commission.

Types of Scams on the Rise

• Phishing scams decreased, but investment scams rose almost 30%.
• MAS identifies investment scams as a major concern.

Combating Digitally-Enabled Scams

Two-pronged approach by Singapore

• Focusing on financial institutions and telecommunications firms.

Mitigate Phishing Scams and Establish Compensation

• Singapore released a consultation paper in October 2023.
  • Assigns relevant duties to help mitigate phishing scams.
  • Establish financial damages compensation for victims.

Money Lock Feature Introduced by Major Banks

• Allows customers to set aside a portion of funds that cannot be transferred digitally.

Securing Singapore’s Financial Future

• Over 61,000 Money Lock accounts established.
• Other major retail banks expected to introduce feature by mid-2024.