Global watchdog praises Singapore for strong anti-money laundering framework but highlights risks

Singapore has been recognised for its robust framework in tackling financial crime, according to the Financial Action Task Force. A recent evaluation highlighted strong legal and enforcement measures, including swift action in a S$3 billion money laundering case uncovered in 2023. However, gaps remain - particularly in the oversight of foreign entities and in certain sectors. Authorities say they will continue to keep up with efforts - including expanding the COSMIC information-sharing platform launched in April, 2024. Claudia Lim reports.