Delegates from about 70 countries are in Singapore for the plenary of the Financial Action Task Force (FATF), to discuss how to work together to combat money laundering, terrorism financing, and proliferation financing. FATF plays an important role in coordinating and mobilising global efforts to counter these threats that affect all countries. I was happy to speak at the FATF plenary this morning, on how the advent of virtual assets and increasing availability of digital payment channels have made it easier for criminals to hide and move their proceeds, and what we can do to stop them. As an international financial and business hub, Singapore faces greater money laundering and terrorism financing risks. But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre. Over the past 2 years, FATF has been led by a Singaporean, Mr T Raja Kumar. I’m proud that we have another Singaporean leading an important international organisation. Under his presidency, FATF has made progress in improving the interception of illicit funds, improving transparency of legal entities that can be as fronts by criminals, and identified ways to break down information silos between law enforcement agencies and financial institutions. Well done Raja! Monetary Authority of Singapore (MAS) Ministry of Home Affairs Singapore (📸: MCI Photo by Betty Chua)
Andy Xie wrote the email below in 2006, so what has changed in 18-years? Now in 2024 we see a $3 billion money laundering scandal in Singapore with arguably paltry sentences being meted out to those involved. While your party aims to attract billionaires, isn't it also necessary to deter money launderers and hold accountable those who facilitated them? "Dr Xie, who worked at Morgan Stanley for nine years, sent the email to his colleagues after attending the International Monetary Fund and World Bank annual meetings last month in Singapore. In it, he questioned why Singapore was chosen to host the conference over India or China, and said delegates "were competing with each other to praise Singapore as the success story of globalisation". "Actually, Singapore's success came mostly from being the money-laundering centre for corrupt Indonesian businessmen and government officials," Dr Xie said in an internal email. "Indonesia has no money. So Singapore isn't doing well." https://www.theage.com.au/business/star-morgan-stanley-economist-exits-after-penning-critical-singapore-email-20061006-ge3a0g.html
Our warm and gracious welcome to all the professional and dignified international delegates from 70 plus countries to Singapore. Our country is indeed a business and financial hub that needs global support and efforts and we thank all of you for assisting us to upkeep and grow our international financial centre reputation. Lawrence Wong
Next, we will also see the emergence of new criminal methods developed by the AI industry and traditional crimes, come on everyone!
important meeting but Singapore is far from Sicily. I hope I can have some chances in the future
Thank you for sharing this important update! It's commendable that Singapore is taking a strong stance against financial crime. The leadership of FATF by a Singaporean is a positive step forward.
Happy to know AML / CFT Risks are taken very seriously. More must be done to educate people on some of tbe operative methods used by these criminals
2️⃣0️⃣2️⃣2️⃣, I delivered a lecture titled "A Brief Heist Tree of Defi" [⭐Editor's Choice] in a major APAC Cybersecurity Conference, in 🇸🇬
Strict regulation is essential worldwide for Participatory Notes to ensure transparency and prevent misuse and it helps to curb laundering.
Founder
1wThis is a very very important meeting especially for Singapore in the coming years where we have to enforce very strict regulatory guidelines to ensure we attract only the real genuine investors while all investors are interested in Singapore . Your appointment of DPM Han as chairman of MAS is an excellent move since DPM comes from the corporate world . Singapore must be known to be a great investment hub with very strict investor guidelines . You will do Singapore proud .