Singapore Strengthens AML Efforts with National Asset Recovery Strategy – Fintech Singapore

Singapore unveiled its National Asset Recovery Strategy today, aimed at combating illicit finance by recovering funds and assets from criminals and returning them to victims or forfeiting them to the state.

Lawrence Wong

Prime Minister and Finance Minister Lawrence Wong announced the strategy at the Financial Action Task Force Plenary Meeting, underscoring Singapore’s commitment to bolstering its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) efforts.

The strategy addresses the increasing sophistication of global money laundering, emphasising Singapore’s role in tackling transnational cases involving complex methods to conceal illicit funds.

Since January 2019, Singapore has seized S$6 billion linked to criminal activities, with S$416 million returned to victims and S$1 billion forfeited to the state, pending ongoing investigations.

Key pillars of the strategy include detecting and tracing illicit funds, prompt seizure and confiscation to prevent criminals from benefiting, and maximising asset recovery for victim restitution.

Singapore’s National Asset Recovery Strategy focuses on these four pillars

Singapore emphasises collaboration with international partners, community stakeholders, and the private sector to enhance asset recovery efforts and prevent financial crimes.

The island state’s proactive measures, such as the Anti-Scam Command’s alerts to bank customers successfully disrupted over 3,000 scams, preventing losses exceeding S$100 million.

The strategy is part of ongoing efforts to adapt and strengthen AML/CFT measures against evolving criminal tactics, ensuring Singapore remains vigilant in combating financial crime.

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• Source: https://fintechnews.sg/97732/fintech/singapore-strengthens-aml-efforts-with-national-asset-recovery-strategy/