Singapore unveils asset recovery strategy to protect its financial crown jewel

The city state is determined to combat money laundering and terrorism financing to safeguard its reputation, PM Lawrence Wong said

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Singapore published a national asset recovery strategy on Wednesday as part of efforts to enhance its anti-money-laundering and terrorism financing framework. Photo: Harvey Kong

Published: 1:03pm, 26 Jun 2024

Singapore faces greater money laundering and terrorism financing risks than other countries because it is an international finance and business hub, Prime Minister Lawrence Wong on Wednesday told a meeting of a global financial crime body.

“But we are determined to do what is needed to respond to these risks and safeguard Singapore’s reputation as a trusted financial centre,” said Wong, who is also the city state’s finance minister, at a Financial Action Task Force event.

Singapore currently holds a two-year presidency of the global money laundering and terrorism financing watchdog until June 30.

Singapore Prime Minister Lawrence Wong, who is also the city state’s finance minister. Photo: AFP

On Wednesday, the Southeast Asian nation published a national asset recovery strategy report as part of its efforts to enhance its anti-money-laundering (AML) and terrorism financing framework.

“Asset recovery is one of the key priorities of our AML regime,” the home affairs ministry, the finance ministry and the central bank said in the 32-page report.

“We seek to deprive criminals of their illicit gains, thereby removing the financial incentive for laundering their monies in Singapore,” they said in the report.

“We also seek to provide recourse to victims of crime by helping them to recover property and assets lost to criminal activities.”