REACH (Telegram) 30 -  What are your views on Singapore's anti-money laundering efforts? What more can be done to deter such activities in Singapore?

(SK)

07 Oct 2024 (10am - 7pm)

REACH (Telegram)

REACH Singapore, [7/10/2024 9:49 AM]

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REACH Singapore, [7/10/2024 10:00 AM]

The Inter-Ministerial Committee (IMC) on Anti-Money Laundering released their report on 4 October, highlighting measures to clamp down on money laundering.

The committee was set up in November 2023 to look into Singapore’s anti-money laundering framework, following Singapore’s largest money laundering case that involved over $3 billion in property and assets in August last year.

The report made 12 new recommendations focusing on preventing and detecting money laundering, as well as effectively enforcing money laundering laws. They include building data-sharing channels across government agencies to pick up suspicious activity.

💬 What are your views on Singapore's anti-money laundering efforts? What more can be done to deter such activities in Singapore?

📌 Unregulated sectors to be advised on how to identify suspicious transactions

To deter criminals from laundering money through Singapore, unregulated sectors, including dealers of high-value goods, will be advised on how to identify suspicious transactions.

These businesses, currently considered as unregulated dealers, will also be engaged by relevant agencies on how they can refuse to accept large payments in cash for their goods. They will also be advised on how to file a suspicious transaction report (STR).

📌 Strengthen information sharing between Government agencies

Singapore will also strengthen information-sharing mechanisms within government agencies by getting them to communicate more with one another to spot potential crimes more quickly.

One such platform is the newly announced National AML Verification Interface for Government Agencies Threat Evaluation (Navigate), which will be led by the Singapore Police Force (SPF).

Under Navigate, law enforcement agencies and other relevant players will screen against one another’s databases to identify suspicious entities faster.

Navigate will be rolled out in the next few years.

📌 Balancing between being open to businesses and deterring criminal activity

Ms Indranee said one of the main concerns businesses here raised was that the new anti-money laundering requirements would be too tight, and whether conducting business in Singapore would remain easy. 

She added that the recommendations by the IMC were made after many consultations with businesses and the concerns raised were key in helping the IMC navigate its review and come up with the eventual recommendations.

“We have adopted a very calibrated approach, and we are emphasising the recommendations are intended to be just right – not too tight and not too loose. Enough to let in legitimate funds, but keep out illicit funds,” she said.

She stressed that no institution can guarantee keeping out all money laundering activities, and steps put in place to counter the laundering process should not hinder the country’s economy.

“You must be able to let businesses carry on, and you must do that in a way that allows us to still keep out the illicit funds.”

Find the full IMC report here: https://www.mas.gov.sg/news/media-releases/2024/imc-report

Links:

👉🏻 https://www.straitstimes.com/singapore/courts-crime/luxury-high-value-goods-dealers-to-help-spot-red-flags-as-part-of-tighter-anti-money-laundering-measures

👉🏻 https://www.channelnewsasia.com/singapore/anti-money-laundering-finance-banks-real-estate-lawyers-4658631

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REACH Singapore, [7/10/2024 11:01 AM]

[ Poll : I am confident that Singapore's anti-money laundering measures are sufficient to deter such criminal activities in Singapore. ]

- Yes

- Maybe

- No

REACH Singapore, [7/10/2024 11:01 AM]

Dear Contributors,

Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan 😊

REACH Singapore, [7/10/2024 11:54 AM]

Dear Contributors,

We want to HEAR MORE from you!

💬 What are your views on Singapore's anti-money laundering efforts? What more can be done to deter such activities in Singapore?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Thank you.

Megan 😊

Hanny, [7/10/2024 1:51 PM]

Money laundering is difficult to eradicate completely. The incentive is just too high.

I would suggest that gov provides good incentives for whistle blowers.

LCL (Danny 心), [7/10/2024 3:17 PM]

1. I feel that money laudering will only affect 2 group of people directly :-

a. Business - eg. Financial institutions (eg. banks, insurance companies, investment companies, foriegn currency exchangers etc), luxuries retailers (eg. high-end properties, high-end cars, jewelleries, expensive watches, antiques, wines, luxury yatch, high-end club membership etc).

b. Population with money to invest.

2. Hence, money laudering efforts should be focus on these 2 groups.

3. Majority of the people with passive income to invest are legitimate investors. Hence balance approach and sensitivity to verify the background of investors are important - else it will offend and chase away legitimate investors --- that will be detriment to Singapore as a financial hub -- to attract legitimate money into our financial institutions -- and contribute to our GDP.

LCL (Danny 心), [7/10/2024 3:40 PM]

1. I realise that many financial institutions and luxury retailers are sensitive, cautious and tactful in verifying with customer investors - when customers are purchasing the wealth products and luxurious goods.

2. Many start with informal small talk to understand the background of the customers and their source of funds.

3. Of course customers even legitimate ones, will not want to disclose too much - because this involve their privacy and sometimes, information are sensitve.

For eg. a customer want to place a wealth product (an insurance product) say with Income.

The source of money come from another insurance company eg. Great Eastern. 

When the Income agent ask the customer where is this source of money come from, a legitimate customer may not want to reveal it is from Great Eastern - because Great Eastern is the direct competitor of Income. This is a moral ethic issue.

4. Hence, I feel that if the activity is not suspicious eg. like a customer come with bags full of cash (indication of money laudering) - but is transfer from a local bank or resident (foreign) banks that can be checked by Government Authorities eg. MAS - financial institutions or luxurious retailer should not be tactless and insensitive to press legitimate customers to reveal the source of funds - if the transaction are transacted through bank transfer or ePayment system - that have audit trail.

Else Financial Institutions and luxurious retailers will be chasing away high-heel legitimate customers - and spoil Singapore reputation as a financial hub - being insensitive and tactless - and make legitimate high-value customers as suspicious elements which can be quite offensive.

5. If financial institutions or luxury retailers believe it is a suspicious case - business can raise a suspicious transaction report (STR) and flag it as a suspicious case - so that Government Authorities can do a background check - through all its linked back-end system after the transaction is completed.

If legitimate, the customer is not offended - and the transaction is deem appropriate and allow to go through.

If indeed the background check reveal the customer is a money lauderer, Authorities can do further investigation and even arrest when evidence that money laudering do take place. This will absolve business from difficulties in conducting its business and responsibilities as long as the business raise the report - and not chase majority of the legitimate customer away.

LCL (Danny 心), [7/10/2024 3:48 PM]

1. I have come across a case - whereby the verification check is conducted very insensitively and offended a long-time legitimate customer with the financial institution.

2. The insurance agent upon check by its internal audit - insist the customer send all screenshots of the customer bank accounts, and all other insurance income source from other financial institutions - after a insurance product is approved, paid and effected.

3. It offended the customer - because as a long time customer of the insurance company and repeat customer of the agent - the insistence is done insensitively and tactlessly.

4. The customer say he will write in to MAS - whether such request is legitimate - as it fringe on moral ethics issue - for releasing all his financial information which is a personal privacy as well as revealing the company competitors financial products to the company which can be used against its competitors.

5. Once the agent reveal the customer impending actions to its internal auditors - the internal auditors stop the request.

6. But the customer has been offended - and in future will stop transacting with this agent - for being insensitive, tactless and inappropriate. Effectively chasing away a legitimate customer.

LCL (Danny 心), [7/10/2024 3:56 PM]

1. In fact, if the internal auditor find the transaction suspicious, they could have just raise a STR - and let the Authority investigate at the background - without being over-reaching and lose a legitimate customer.

2. The agent - being a long-time servicing the customer - lack intelligent, tactfulness and training to convey the legitmacy of this customer background to the internal auditor - to allay the internal auditor verification - as all transactions go through local and resident banks and financial institutions - as with background check through the financial trail - will have reveal that it is a legitimate transaction rather than a money laudering case..

3. Hence, it is important for the Authority and business - to be mindful of carrying out verification and background check sensitively, tactfully ---- and not chase away legitimate customers while safeguarding against money laudering. It will have an undesirable impact on us - as a financial hub --- because which customers will want people to suspect them as criminals when they are not?

4. It may piss off legitimate high heel customers and move their money away to other financial hubs - and we will lose big.

REACH Singapore, [7/10/2024 4:00 PM]

Jun Ming, [7/10/2024 4:09 PM]

I mean sometimes people don't want to reveal their net worth. Like damm rude to see people bank account

LCL (Danny 心), [7/10/2024 4:10 PM]

Exactly.

So business got to be tactful and sensitive.

Else it will offend alot of legitimate customers.

Jun Ming, [7/10/2024 4:12 PM]

That's why people are moving to a decentralised way of transacting. To avoid bank and gov for knowing their net worth. In other countries I heard once your bank account amount reach a certain number they will call you and tax you or fine you a hefty sum of money

Jun Ming, [7/10/2024 4:13 PM]

With the use of VPN and Blockchain to transact how does gov check if they are doing money laundering

Jun Ming, [7/10/2024 4:14 PM]

I pretty sure some luxurious goods can pay by bit coin

LCL (Danny 心), [7/10/2024 4:17 PM]

Even DBS and resident banks are offering Bitcoin and block chain as their wealth products.

I don't know how MAS are going to verify and check this - as they are encrypted.

LCL (Danny 心), [7/10/2024 4:18 PM]

Government are coming up with our own cryptocurrency call project ubin if I am not wrong.

LCL (Danny 心), [7/10/2024 5:32 PM]

心法:

310. I post in REACH (Telegram) LCL (Danny 心), [2/10/2024 1:27 PM] :-

1. I observe the healthcare from effective versus ineffective angle.

2. Effective healthcare is not very cheap as oppose to cheap but not very effective treatment.

3. Nowadays I notice that survival rate for patients are very high, even very critical illness such as stroke, cancer, heart disease and other critical illnesses.

Patients can survive to very old age up to more than 90 over years old.

But treatment is not that cheap.

4. In the earlier days, treatment are cheaper, but on average, the lifespan is about 60 years plus, most cannot survive those critical illness. 

People who can live up to 70 years old are few and far in between.

5. This is the difference between effective versus non-effective treatment that come cheap.

LCL (Danny 心), [2/10/2024 1:31 PM]

1. I notice that rich people from neighbouring countries are willing to fork out alot of money to get treatment in Singapore because of our advanced Medicare treatment, good doctors and medical research for serious and critical illnesses.

And the recovery rate is high.

2. My relatives from neighbouring countries told me so.

For critical illnesses, they rather sought treatment in Singapore, and the survival rate are higher.

----

CNA news 05 Oct 2024 06:00AM (Updated: 05 Oct 2024 08:12AM)

Singapore doctors develop new cell therapy that saved patients from treatment-resistant cancer.

Sixteen patients went into complete remission within a month of the treatment. They previously had a less than 10 per cent chance of survival as the cancer did not respond to chemotherapy and other treatments.

The new cell therapy was developed by researchers and clinicians from the Yong Loo Lin School of Medicine at the National University of Singapore (NUS) and the National University Health System (NUHS).

The treatment has now been published in the medical journal Nature Medicine.

In 2022, a Swiss toddler relapsed. The doctors at St Gallen told her parents that their daughter’s chances of survival were less than 5 per cent.

But one doctor, Dr Jeannette Greiner, refused to give up hope and approached Prof Allen Yeoh in Singapore for help.

When the parents heard of the new treatment, they made an immediate decision to bring Maria to Singapore.

It was amazing. Maria took to the treatment like a fish to water,” said Mrs Schreierer.

After going into remission, she received a bone marrow transplant in Vienna. Today, Maria is back in school again.

“She can finally be a child again,” said Mrs Schreierer.

Australian Mrs Thomas and her husband decided to give it a shot and made the trip to Singapore when she has cancer spreading very quickly when all traditional cancer treatment fail.

In December, she received the CAR T therapy cells and she soon went into remission.

Nine months on, she continues to be cancer-free.

Professor Allen Yeoh, who led the clinical application of this new technology and is head of the Division of Paediatric Haematology and Oncology at NUH’s KTP-NUCMI, said: “While we celebrate this wonderful milestone, we are only at the beginning of this exciting journey.

"Gave me a second life': How Singapore doctors saved this boy from rare cancer with experimental treatment.

With almost no options left, 10-year-old Viet Tai was facing near-certain death from cancer. Today, he is in remission after undergoing a new treatment in Singapore."

The 1st patient to undergo experimental treatment with obvious risk.

But it turn out to be a resounding success and a new treatment in the world against deadly leukemia blood cancer.

https://www.channelnewsasia.com/singapore/boy-rare-cancer-singapore-doctors-nuh-experimental-treatment-first-person-recovery-remission-cure-4659026#:~:text=Gave%20me%20a,treatment%20in%20Singapore.

LCL (Danny 心), [7/10/2024 5:34 PM]

309. I post in REACH (Telegram) LCL (Danny 心), [27/9/2024 6:50 PM]:-

Every stage of economy comes with different economic strategy.

It is not one solution apply to every stage.

LkY realise this and quickly identify his successors when different stage of economy take places.

Not everytime what work during his era works in the next era.

LCL (Danny 心), [27/9/2024 6:54 PM]

If people are close to LkY, he will tell you this privately.

Come computerisation, he leave it to GCT and GCT delegate the role to LHL.

Now come AI, LHL delegate the role to our new PM Lawrence Wong. LHL say he still trying to understand AI.

Every era is different.

----

CNA news

As Singapore moves into the next phase of its Smart Nation journey, the “building blocks” of growth, community and trust will be key, said Prime Minister Lawrence Wong.

In a speech at the Punggol Digital District on Tuesday (Oct 1) to launch the Smart Nation 2.0 initiative, Mr Wong said that this will be a work in progress as digital developments unfold, and as Singapore develops new and better solutions.

Smart Nation was first launched in 2014 under then Prime Minister Lee Hsien Loong. Since then, Singapore has made “significant progress” and this can be felt and experienced in daily living, said Mr Wong.

“We have done well as a Smart Nation. But we must never think that we have arrived. Technology is advancing rapidly, and our operating environment is ever-changing,” he added.

“So we have to keep pace, stay abreast of the latest developments and continually strive to do better.”

Mr Wong noted how the digital landscape today is “vastly different” from a decade ago, with smartphones and social media now the main modes of communication. In addition, there have been recent breakthroughs in generative artificial intelligence (AI), he pointed out.

“All these mean that technology will have an even bigger impact on our lives. There will be tremendous opportunities ahead, but also new uncertainties and challenges to overcome,” Mr Wong said.

“So we must refresh our strategies for Smart Nation.”

LCL (Danny 心), [7/10/2024 5:52 PM]

Currently I will rate the direct verification by business on the high heel customers as "uncomfortable" or "quite insensitive" - because the questions ask give the impression that the customer is a money lauderer suspect on the outset.

I feel that Authority and the business should come together to devise a more sensitive and tactful approach to high heel customers if we don't want to lose them.

I feel a background check will be more appropriate rather than direct questions to customers - that make customers feel like a suspect is a better approach.

Compare to previously before the high profile money lauderer cases are uncovered - the interaction currently is considered "uncomfortable", "intrusive questions fringe on invasion of privacy".

Background check will have reveal the source of funds and majority are legitimate short of few rare cases.

Wonder why make the majority uncomfortable?

LCL (Danny 心), [7/10/2024 5:58 PM]

In layman term, it is akin to:-

1. Customer like your product, I want to buy.

2. Business 1st question is:- where did your money come from?

Your money clean or not?

Answer me.

3. Customer got to reassure the business, my money is clean.

I earn the money from my jobs with tears and sweat.

I swear, you got to believe me.

4. Business say, ok I believe you on the face value, I do you a service, and sell my product to you.

This is the impression that high heel customers get when buying products.

Anyone think customers will feel offended or not when subject to such humiliation?

LCL (Danny 心), [7/10/2024 6:00 PM]

A background check will have avoided all these uncomfortable situation.

REACH Singapore, [7/10/2024 6:01 PM]

LCL (Danny 心), [7/10/2024 6:03 PM]

It is akin to:-

1. I let you earn money.

2. You treat me like a suspect.

I think such impression should not be created.

3. And the business will throw up their hands in despair - say "mas, mas".

Wee Seng Koh, [7/10/2024 6:23 PM]

Singapore anti-money laundering efforts

- With no relative comparison but only the recent billion dollar incident, I agree that past efforts weren’t enough to pick up such criminal activities. 

What more can be done?

- As a layman, without regulatory background, it is unfair for me to comment what is enough to be done. There isn’t enough data or local case studies (that hits the news headlines or discussed in parliament) to comment fairly. Perhaps, because there isn’t enough suggest, that either 1) cases of such nature are low or 2) such cases have YET to be discovered. 

With the use of threat evaluations, individuals and businesses can only place trust that it does not censure sincere honest investment. 

My 2 cents worth, can only afford that quick reviews / updates can be made to help sharpen the evaluations. Not over long periods.

🦒, [7/10/2024 6:33 PM]

Unregulated sectors has no incentives to report though.

🦒, [7/10/2024 6:33 PM]

Bear bricks, Rolex watches, all used to launder money

🦒, [7/10/2024 6:34 PM]

Cryptocurrency as well, I think the new act need to show how to clamp down these things.

REACH Singapore, [7/10/2024 6:45 PM]

Dear Contributors,

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our Telegram chat and participating actively.

Goodnight!

Megan 😊

REACH Singapore, [7/10/2024 7:01 PM]

Dear Contributors

We will be closing the chat for today.

Thank you very much for being part of our Telegram chat and participating actively.

Goodnight!

Megan 😊

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