Singapore introduces new measures to detect money laundering
Singapore has introduced new measures aimed to detect money laundering and terrorism financing. From November 1, 2007, to carry or post cash or negotiable instruments of more than USD 20 650 (equivalent in any currency) in or out of Singapore, one has to submit a report to immigration authorities.
According to police statement, this measure is aimed at detecting and monitoring the movements of currency or bearer negotiable instruments by cash couriers who support money laundering or terrorism financing activities. The police noted that this is not a currency control measure.
In September, a deputy finance minister, Tharman Shanmugaratnam, said that Singapore intended to raise the maximum fine for money laundering and terrorism financing 10-fold.
Singapore is trying to become a key private banking and asset management centre in Asia, however, in 2004 the jurisdiction was included into a US State Department list as a centre of “primary concern†for money laundering, therefore the above-mentioned measures are important for the country.
It also is worth mentioning here that, according to the Bank of International Settlements, Singapore is the 5th biggest currency trading centre in the world and the 2nd biggest in Asia after Tokyo.