Singapore banks say money laundering risks up after $2B scandal

Singapore money

Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore (MAS).

The MAS’s latest annual Financial Stability Review, published Monday, said 23 percent of chief risk officers at Singapore-based financial institutions reported money laundering and terrorism financing were perceived risks, up from just 2 percent in April.

As a result, money laundering and terrorism financing moved up on the list of perceptions of risk to the country’s financial system to fourth, behind macrofinancial risk, geopolitical risk, and technology/cyber risks. Money laundering and terrorism financing had been ranked seventh by financial institutions in April’s review.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.