Mr Chua pointed out that despite Singapore’s strong reputation for compliance, the risk of money laundering in its financial sector has increased, as noted in the Money Laundering National Risk Assessment published on June 20 by the Monetary Authority of Singapore.
It said that the banking sector, which includes wealth management, poses the highest money laundering risks, and corporate service providers pose higher risks among the designated non-financial businesses and professions (DNFBP) sectors.
Source: TRADE FINANCE
