Money Laundering Statistics from Singapore in 2013

in Business Risk, Transnational Crime

The agency responsible for anti-money laundering campaigns in Singapore reported an increase in cases during 2013.

According to the Commercial Affairs Department, the agency received 22,417 suspicious transaction reports during the 2013 year, and increase of 25 percent from the previous year. In 341 instances, the agency provided intelligence to foreign agencies, up from the 160 cases of intelligence sharing that took place in 2012.

In total, security officials in Singapore seized over $92 Million (115 Million Singaporean Dollars) in suspected criminal proceeds.

According to a spokesman for the agency, more transnational organized crime groups are using the country’s financial industry in order to move their illicit funds.

(Examples of money laundering.)

Source: Andrea Tan, “Singapore Says More Overseas Criminals Seek Bank Accounts,” Bloomberg Businessweek, July 2, 2014.

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