The report said Singapore’s position as an international financial centre with a high externally oriented economy exposes it to criminals looking to launder assets.
Within the financial and banking sectors, the report noted that banking, including wealth management, poses the highest money laundering risks to Singapore but added that there has been an increase in money laundering cases involving digital payment token services providers.
They added that key money laundering threats stem from fraud, particularly foreign and domestic cyber-enabled fraud, orchestrated by criminal syndicates typically located overseas. FATF will assess Singapore’s anti-money laundering regime again in August 2025 through a mutual evaluation report.
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