Gatekeepers or conduits? Fortifying Singapore’s incorruptibility
Even with strong regulations, professional intermediaries remain attractive entry points for criminals
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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