Gatekeepers or conduits? Fortifying Singapore’s incorruptibility
Even with strong regulations, professional intermediaries remain attractive entry points for criminals
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SINGAPORE remains one of the world’s least corrupt nations but was recently flagged for the facilitation of dirty money. Despite Singapore’s zero tolerance for corruption, the country was embroiled in a S$3 billion money laundering scandal and the Keppel Offshore & Marine (Keppel O&M) corruption scandal that shook the foundations of its financial reputation.
While Singapore remains a premier global corporate hub, its very strengths – stability, reputation for integrity and massive capital flows – are ironically what make it an attractive target for those seeking to launder illicit funds.
At the heart of this tension lies a recurring feature in global money laundering cases: the role of professional intermediaries.
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