New tech may boost tracking of potential money launderers, information exchange

SUSPICIOUS transaction reports (STRs) filed by financial institutions are believed to have played a key role in triggering a multi-billion-dollar anti-money laundering bust in Singapore.

Home Affairs and Law Minister K Shanmugam said authorities started the investigations because “we had reason to believe that these people had committed offences in Singapore”.

He added that the police started looking into the matter based on STRs filed by financial institutions, as well as intelligence and other pieces of information.