Banks have vital role in fighting financial crime
In Singapore - a financial hub - the government, law enforcement agencies and banks work in concert to gather and share intelligence.
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
FINANCIAL crime has in the past had connotations of being "low impact", but this belies the devastating effect it has on people and societies.
It threatens livelihoods, ruins companies and bankrupts individuals. The United Nations Office for Drugs and Crime estimates that between US$800 billion and US$2 trillion is laundered globally each year, representing between two and five per cent of the world's gross domestic product.
But apart from the criminal impacts, there are other societal impacts that might be closer to home. According to the LexisNexis True Cost of Fraud study, every dollar of fraud costs merchants (and ultimately you, the consumer) US$2.40.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
‘Largest Singapore commercial S-Reit proxy’: analysts say buy CICT shares after Paragon acquisition
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute
