Today FCN is publishing a 2 page Financial Crime Country Dashboard on Singapore. A copy of the Dashboard can be downloaded click HERE: Singapore Dashboard Sept 2022 Final
The main threats are from fraud and scams which are aggressively on the rise with 90% carried out from overseas with investment, romance and jobs scams the most generative of crime proceeds and victim losses. Other threats include so called CBT (Criminal Beach of Trust) & Foreign Corruption.
The Singaporean response to scams is already impressive with an Anti Scam Centre (ASC) established so quick action can be taken to interdict funds, consumer awareness campaigns and technology solutions to help prevent and detect scam frauds.
Singapore’s strong stance on drug trafficking & health treatments make drug abuse much smaller than elsewhere.
In the FCN Financial Crime Index of leading countries (FATF Members & Observers), Singapore is rated 62/100 for threats equal 8th lowest/43 and 69/100 for response 8/43 & overall equal 3/43 for net risk at 66/100, reflecting overall very low crime rates and mostly a high level response though more can be done on convictions for foreign bribery human trafficking & money laundering. Asset confiscations are improving from recoveries of US$8.5M on average between 2011-2014 to S$102M (US$71M) in 2021 due to work of the ASC – albeit representing 20% of losses from scams which have shot up to S$500M (US$353M) in 2021.
