News / Singapore Strengthens AML Laws to Combat Environmental Crimes
Singapore Strengthens AML Laws to Combat Environmental Crimes
Singapore updates anti-money laundering laws, targeting illicit activities such as logging, mining, and waste trafficking with stricter penalties and reforms.
03 min read
Singapore has introduced a new Bill that encourages the authorities to ‘investigate’ illicit funds obtained through crimes such as “illegal mining, logging as well as waste trafficking.”
The “Anti-Money Laundering and Other Matters Bill” provides an official legal framework for new AML laws focused on addressing ‘environmental crimes’ and empowers law enforcement agencies (LEAs) to combat money laundering offenses associated with environmental crimes which had not been highlighted before under the Law.
AML Laws Target Global Environmental Crimes
New laws will broaden the scope of current laws by incorporating measures for detecting and preventing environmental crimes that have been a limitation previously. Serious crimes outside the country will be acknowledged even if they do not occur in Singapore; funds will be passed through the country.
New Reforms Strengthen Penalties for Wildlife
Some reforms related to wild trade offenses introduced under the “Organised Crime Act” are the following:
- Wildlife traces will be considered serious offenses from 30 August.
- Penalties will be enhanced up to an improvement of 20 years.
- Seizure of gains from illicit activities will happen.
Read Also:
- Singapore Publishes Updated Money Laundering National Risk Assessment Report
- Is Singapore Ready for Stricter AML Measures?
- Singapore MFA Reveals New Anti-Money Laundering Measures
Environmental Crimes AML Risk Assessment Released
In May, Singapore released its “first-ever environmental crimes money laundering national risk assessment” in compliance with the Financial Action Task Force (FATF)’s guidelines. FATF monitors the activities of other countries to ensure they follow the rules, regulations, and laws.
Suspicious Transactions Surge by 9% in 2022
49,846 suspicious transactions were reported in 2022 in Singapore, and a 9 percent increase has been observed since 2021 as more illegal financial activity has been noticed. Most of the reports were generated through banks, and one of the banks discovered a suspicious document related to a customer involved in illegal logging.
AML Watcher provides continuous monitoring to detect changes in high-risk profiles in real-time detection. It evaluates and manages risks at different levels (high, medium, and low) by giving a custom risk-scoring feature.
Contact us to explore more features and solutions for robust AML compliance.
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