Banks, Payment Providers at High Risk for Environmental Crimes Money Laundering

Trending 2 weeks ago

Singapore has released an Environmental Crimes Money Laundering National Risk Assessment (NRA), highlighting nan superior threats and vulnerabilities associated pinch it.

This report outlines mitigation measures for authorities agencies, financial institutions, and Designated Non-Financial Businesses and Professionals (DNFBPs) to reside these risks.

Environmental crimes, specified arsenic forbidden wildlife trafficking and forbidden logging, make an estimated US$110 cardinal to US$281 cardinal successful criminal gains annually.

Singapore’s domiciled arsenic an world financial centre and a awesome trading and transit hub makes it peculiarly susceptible to these crimes.

The NRA identifies that Singapore is susceptible to money laundering threats from forbidden wildlife trafficking, forbidden logging, and discarded trafficking, prevalent successful Southeast Asia.

Banks and cross-border costs work providers are particularly astatine consequence of being exploited for laundering proceeds from these crimes owed to their transnational operations.

Despite these threats, Singapore has a robust and transparent ineligible and enforcement model to observe and analyse money laundering activities, prosecute prosecutions, retrieve assets, and cooperate internationally connected biology crime issues.

The NRA concludes that, fixed nan existing controls, nan consequence of criminals utilizing Singapore for biology crimes money laundering is medium-low.

Singapore’s rule enforcement and supervisory agencies will stay vigilant and instrumentality due measures to mitigate these risks.

Financial institutions and DNFBPs are advised to usage nan findings to measure and heighten their ain consequence controls.

Featured image credit: Edited from Freepik

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