Singapore Issues Environmental Crimes Money Laundering National Risk Assessment
29 May 2024a) Singapore is susceptible to ML threats that emanate from illegal wildlife trafficking, illegal logging, and waste trafficking, which are prevalent in Southeast Asia.
b) In comparison to other sectors in Singapore, banks and cross-border payment service providers are most vulnerable to being misused to launder proceeds from environmental crimes, given their transnational nature.
c) Singapore has a strong and transparent legal and enforcement framework to detect ML, and pursue ML investigations, prosecution, asset recovery and international cooperation, in relation to environmental crimes.
d) Given the level of exposure and extent of controls, there is a medium-low risk of criminals using Singapore for environmental crimes ML.
5 FIs and DNFBPs should also take reference from this Environmental Crimes ML NRA in assessing their risks and enhance their controls as appropriate. Please refer to this link for a copy of the Environmental Crimes ML NRA.
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[1] Please refer to the Financial Action Task Force (FATF) report: FATF (2021), Money Laundering from Environmental Crimes, FATF, Paris, France.