Criminals performing illicit activities prefer to use cash as their primary financial instrument to facilitate their transactions. Given its anonymity and privacy, authorities around the world face difficulty in tracking criminals down. However, cash has its drawbacks. ... Read More →
Terrorist Financing Explored
The main purpose of terrorism is to threaten ordinary people, governments or international organisation into acting in a particular way or desisting from action, usually by fear tactics. Terrorist financing is a term used to describe the activities that provide ... Read More →
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 ... Read More →
Dedicated AML Department for Singapore
In light of recent trend in rising money laundering activities, the central bank of Singapore will be setting up a dedicated departments to combat ML/TF. Singapore's financial sector faces the risk of being used as a conduit for money laundering and terrorist financing ... Read More →
Singapore BSI Bank ordered to shut down
Singapore's central bank, Monetary Authority of Singapore (MAS) has ordered BSI Bank Limited to shut down in Singapore in light of serious beaches of anti-money laundering requirements, poor management oversight of the bank's operations, and gross misconduct by some of ... Read More →
