The Business Times
business-time-50
SUBSCRIBERS

Gatekeepers or conduits? Fortifying Singapore’s incorruptibility

Even with strong regulations, professional intermediaries remain attractive entry points for criminals

Summarise
google-preferred-sourceAdd BT as a preferred source
阅读简体中文版 (beta)
    • In the age of complex transnational financial crime, the future of anti-money laundering depends on the integrity of those who stand at the system’s entry points.
    • In the age of complex transnational financial crime, the future of anti-money laundering depends on the integrity of those who stand at the system’s entry points. ILLUSTRATION: UNSPLASH

    Lee Jiaxin &

    Tan Chong Huat

    Published Sat, Mar 21, 2026 · 07:00 AM

    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.

    Money launderingSingapore lawSingapore

    TRENDING NOW

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    Shoppers in Myeong-dong in Seoul. Tourists in the Asean+3 bloc (comprising Asean's 11 member states and China, Japan and South Korea) increasingly do not carry cash, nor do they need to change currency for their trips.

    Asean+3 has made strong progress on cross-border payment connectivity, but more work lies ahead

    A wind farm in South Sulawesi. Indonesia could deliver around 3 gigawatts of renewable energy capacity to Singapore.

    Indonesia targets year-end start for US$30 billion clean power exports to Singapore

    The benchmark Straits Times Index is up 3.23 points at finish at 4,946.

    Seatrium surge leads Singapore stocks slightly higher on Tuesday; STI up 0.1%

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More