Asset recovery a priority in money laundering fight: PM Wong

Authorities have seized $6b from criminal and money laundering activities since 2019

- Andrew Wong

Anti-money laundering efforts in Singapore saw the authorities seize $6 billion linked to criminal and money laundering activities between January 2019 and June 2024.

About $416 million has been returned to victims, while $1 billion has been forfeited to the state. A large bulk of the remaining sum is linked to ongoing investigations or court proceedings.

The details were published in Singapore’s first-ever National Asset Recovery Strategy, which Prime Minister Lawrence Wong announced on June 26 at the opening of the Financial Action Task Force (FATF) Plenary Meeting.

PM Wong said Singapore has made asset recovery a priority in its national anti-money laundering regime.

The approach sets out how Singapore will deprive criminals of their illicit funds and assets, remove the financial incentives for criminals to launder their illicit proceeds in Singapore, and return these assets to victims.

Through the collective efforts of the money laundering watchdog FATF and its partners, PM Wong said Singapore has made progress against money laundering and terrorism financing at the global level.

“But the success of the global effort against financial crime is also dependent on effective implementation within national borders.

“Singapore is fully committed to doing our part. As an international financial and business hub, we recognise that we face greater money laundering and terrorism financing risks.

“But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre,” he said at the event held at the Marina Bay Sands Expo and Convention Centre.

PM Wong said virtual assets and digital payment channels have made it easier for criminals to move and hide their illicit proceeds, and to operate across borders while exploiting the information silos that exist between national law enforcement agencies.