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Co-Publishing weltweit

Walking a Tightrope in Singapore - July 2014

January 2015 - Crime. Co-Publishing von Norton Rose Fulbright.

More articles by this firm.

The world has no borders and distance is negligible for the technologically savvy criminal. Individuals with illicit funds to launder or terrorist activities to finance can, with the latest technology, transfer high volumes of money around the globe almost instantaneously and seek to conceal the origin or the destination of the funds.

Singapore, though it boasts one of the lowest crime rates in the world (United Nations Office on Drugs and Crime, Report on International Statistics on Crime and Justice (2010)), is not immune to inherent cross-border money laundering and terrorist financing (ML/TF) risks. Ranked by the International Monetary Fund as one of the 25 systemically important financial centres in the world, Singapore's openness as an international financial centre and transport hub with a high volume of transactions and wide international reach exposes it to inherent ML/TF risks, the bulk of which originate overseas. Singapore's reputable financial infrastructure could ironically be targeted as a transit point or safe haven for illicit funds.

 http://www.nortonrosefulbright.com/sg/knowledge/publications/118099/walking-a-tightrope-in-singapore