Singapore Can Be Sharper in Curbing Illicit Flows, Watchdog Says

Singapore scored mostly high grades for the effectiveness of its system to combat financial crimes, but the Asian wealth hub’s anti money-laundering regime must be sharper to produce consistent results, according to a report from a global task force.

While Singapore’s law-enforcement authorities are adept at recovering criminal assets, “penalties are low for money laundering, which undermines dissuasiveness,” the Financial Action Task Force said in in its latest assessment of the country. It previously evaluated Singapore in 2016 and published a follow-up report in 2019.