30,511 suspicious transaction reports filed to Commercial Affairs Department

Singapore – According to the annual report of the Commercial Affairs Department (CAD), the total number of reports filed for the year of 2015 is 30,511. This amount is vast increase of last year, where financial institutions filed a total of 29,082.

CAD said the increase “reflects the vigilance of reporting entities and a higher level” of awareness of the efforts pertaining to anti-money laundering and countering the financing of terrorism.

The CAD is Singapore’s Financial Intelligence Unit, that serves as a national centre for the receipt and analysis of money laundering, terrorist financing and associated predicated offenses.