Singapore’s latest Money Laundering Risk Assessment (MLNRA). emphasize Some key points regarding anti-money laundering (AML) and risks associated with different sectors, especially digital payment token (DPT) service providers.
The report identifies new sectors facing significant money laundering risks that were not previously analyzed in depth in the 2014 report, including DPT suppliers and metals and gemstone dealers.
Key findings of the MLNRA in the AML context.
In the financial sectors, DPT providers (also known as virtual asset service providers) stand out as a high-risk group due to a number of money laundering cases involving digital payment tokens. increased reporting. These providers are vulnerable to being exploited by criminals through a variety of methods.
Despite accounting for a relatively small proportion of global DPT activities in Singapore, authorities still closely monitor related risks. Other high-risk financial sectors include payment institutions providing cross-border remittance services and external asset managers.
In its risk assessment report, Singapore said its main money laundering threats stem from fraud – especially cyber-enabled fraud – organized crime, corruption, tax crimes and transaction-based money laundering.
Common methods identified in Singapore include hiding illegal funds in local bank accounts, using shell companies and investing in high-value assets such as real estate, metals precious and now digital payment tokens.
In April, the Monetary Authority of Singapore announced that it would make amendments to the Payment Services Act to expand the scope of supervision of DPT providers. These regulatory measures are intended to mitigate the risks associated with digital payment tokens and are consistent with Singapore’s commitment to combating money laundering.
Singapore’s status as an international financial center and the openness of its economy expose it to significant money laundering risks. Criminals use Singapore’s strong financial and business infrastructure to launder or transfer proceeds of illegal activities, requiring a strong regulatory system and vigilance from authorities.
Itadori
According to Cointelegraph
