Financial Crime World

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Singapore’s Financial Intelligence Unit: A Vital Force Against White-Collar Crime

In the heart of Singapore’s financial hub, the Commercial Affairs Department (CAD) stands as the principal agency dedicated to combating white-collar crime. With a mission to prevent, deter and detect financial crime, CAD is a crucial component in safeguarding Singapore’s reputation as a world-class financial centre.

The Three Key Groups at the Forefront

At the forefront of CAD’s operations are three key groups:

Enforcement Group

  • The Enforcement Group tackles cases of investment fraud, securities fraud, private institutional fraud, and public institutional fraud.
  • The group’s divisions work tirelessly to investigate breaches of:
    • Securities and Futures Act
    • Multi-Level Marketing and Pyramid Selling (Prohibition) Act
    • Other laws governing business operations in Singapore

Financial Investigation Group

  • The Financial Investigation Group focuses on money laundering, terrorism financing, and complex cases of fraud involving employees of financial institutions.
  • This group is comprised of three divisions:
    1. FID I: deals with money laundering and other offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
    2. FID II: investigates terrorism financing offences under the Terrorism (Suppression of Financing) Act
    3. FID III: specializes in investigating complex money laundering offences, concealed income analysis, and insurance fraud

Intelligence and Admin Group

  • CAD’s Intelligence and Admin Group is responsible for providing field intelligence support to the enforcement arms of CAD.
  • This group works closely with local intelligence agencies and overseas law enforcement agencies to exchange and gather information on transnational commercial crimes.

The Financial Intelligence Unit (FIU)

At the core of CAD’s operations is its Financial Intelligence Unit (FIU), which serves as Singapore’s FIU and a member of the Egmont Group of FIUs. The Suspicious Transaction Reporting Office (STRO) receives and analyzes:

  • Suspicious Transaction Reports
  • Cash Movement Reports
  • Cash Transaction Reports

to combat money laundering, terrorism financing, and other serious crimes.

Conclusion

As CAD continues to play a vital role in protecting Singapore’s financial integrity, the department remains committed to working closely with local and international partners to tackle white-collar crime and safeguard the country’s reputation as a trusted business hub.