The Business Times
business-time-50
HOCK LOCK SIEW
·
SUBSCRIBERS

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

google-preferred-sourceAdd BT as a preferred source
Yong Hui Ting

Yong Hui Ting

Published Thu, Sep 14, 2023 · 05:00 AM
    • Singapore is sparing no expense to protect its reputation as a clean and trusted financial centre with a strong deterrence against financial crimes.
    • Singapore is sparing no expense to protect its reputation as a clean and trusted financial centre with a strong deterrence against financial crimes. PHOTO: BT FILE

    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.

    Hock Lock SiewMoney laundering

    TRENDING NOW

    KSL's Khoo Lee Feng says it is "not so much what you study, but how you learn".

    Johor property old hand KSL readies family handover amid market boom

    Indonesia's Finance Minister Purbaya Yudhi Sadewa says figures in the reported export data are roughly 50% lower than the actual numbers.

    Wilmar, Musim Mas among palm-oil firms in Indonesia under probe for suspected export under-invoicing

    CEO Kerry Mok says Sats has “a lot of growth opportunities”, including investments in AI and new geographies, as well as refreshing its assets.

    Sats may reward shareholders with special dividend if there’s spare cash

    LKT commenced proceedings in the Singapore High Court against Edmund Cheah in May 2025, alleging breaches of fiduciary duties and duties of fidelity.

    Property group Lee Kim Tah reaches settlement with ex-director in ongoing misconduct probe

    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