New Risk Sectors Identified in NRA Report
The report was developed in this sense that it’s 126 pages in total do show how the new risk sector as gotten this is outside the scope of the last 2014 report, in this regard, by even spilling the beans that DPT service providers and dealers of precious stones and metals are the areas of concern. The financial sector, especially private banking, is said to be the most at risk of money laundering besides the sectors mentioned. Moreover, the criminals take advantage of the banks, for example, byover carrying the large volumes of transaction and provide the most high-risk customers.
Crypto Asset Service Providers Pose High Risk
In the subjects of the financial sector, DPT service providers, the so-called virtual asset service providers are the ones who occupy the high-risk category. This problematic practices range from reported incidents that increase in DPTs to several forms of exploitation. Well, Singapore deserves this accolade of global DPT shrink in volume. Still, the country is alert. There is certainly this, but the authorities are also mainly dealing with minor risks of money laundering arising from DPTs.
One of the other professions in the financial sector, which sticks out as high-risk professions, is the payment institutions that allow cross-border money transfer services and by the companies that manage external assets.
Key Money Laundering Threats in Singapore
Thanks to the NRA report that is presented as a joint effort. The agencies like Singapore Supervisory and Law Enforcement Agencies, Financial Intelligence Unit, and different sectors and foreign countries’ feedback that are mentioned in the report reveal that money laundering is significant in Singapore due to:
- Fraud (especially cyber-enabled fraud)
- Corruption
- Organized crime
- Tax crimes
- Trade-based money laundering
Some of the most common tricks used by criminals to launder money include hiding the proceedings illegally in bank accounts in Singapore, using fictitious companies, and finally putting the funds that they have gained through the illegal act into non-financial issuers like real estate or precious metals.
Because of its standing as a key role player in the global business world, Singapore’s financial industry thrives with the use of money laundering. Bad elements easily exploit the commercial and financial sectors to wire money or transfer dirty proceeds. Furthermore, the transformation of corrupt funds into real estate, digital currencies, or precious metals constitutes a grave issue.
Amendments to Payment Services Act
To ease the paid services matter, the Monetary Authority of Singapore (MAS) stated in April that it would effect amendments to the country’s Payment Services Act (PS Act) to broaden the genre of regulated services connected to digital payment token service providers.
Crypto ETF Application In Singapore To Increase Its Adherents
People from Singapore are starting to be on the side of Bitcoin with the recent approval of the spot Bitcoin ETFs in America. Based on the study of the digital currency exchange Independent Reserve, 39% of people in Singapore have become Bitcoin enthusiasts since spot Bitcoin ETFs were approved.
The study also exposed that those who invest in cryptocurrency are now maturing in Singapore. Over half (52%) have been in the market for more than three years, and their portfolios are made up of a variety of cryptos that they now have up to 6. This year, 64% of the crypto owners reported that they made some profits which were the highest that they have ever been, 10% of them lost money at the same time.
Also, the report that shows the high level of digital asset holders depicts the production of the fruit of the revitalization of the Philippine NanoScience and Technology Park project of the Pundit portal. The research, which was conducted in the fourth quarter of 2023, included more than 2,000 adults, reported that 57% of the people involved were into spreading the coin that the investors need to hold in order
