The Business Times
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HOCK LOCK SIEW

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

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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

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