Singapore government report: Banks are a high-risk area in money laundering activities due to their financial attributes and service characteristics

ChainCatcher news, according to Bloomberg, the Singapore government released a 126-page report on Thursday that deeply assesses the money laundering risks faced by the country. The report points out that in the process of attracting global super-rich individuals and building an international financial wealth center, Singapore also faces severe anti-money laundering challenges. This situation makes Singapore vulnerable to being used as a channel for laundering proceeds from overseas financial fraud and other criminal activities.

The report details various money laundering methods within Singapore, including the use of bank accounts, payment accounts, shell companies, and other complex structures and arrangements for fund transfers and concealment. The report particularly emphasizes that banks, due to their financial attributes and service characteristics, have become high-risk areas in money laundering activities.

Singapore's banking system is vast, with over 150 banks, many of which offer convenient online financial services, facilitating electronic fund transfers. This also provides opportunities for money laundering activities.

According to the report, in a recent money laundering scandal, Singapore authorities seized over 1.5 billion Singapore dollars from related bank accounts. These funds are associated with 10 convicted Chinese nationals and 17 fugitives. Additionally, cash, cryptocurrencies, properties, gems, jewelry, watches, and luxury handbags were also seized from criminals.