Singapore boosts AML efforts with national asset recovery plan

The plan will focus on four pillars.

Prime Minister and Minister for Finance Lawrence Wong unveiled Singapore’s National Asset Recovery Strategy, which will enhance the government’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

The strategy focuses on four pillars for a multifaceted approach: to detect suspicious and criminal activities by tracing the illicit funds, to deprive criminals of their ill-gotten proceeds through prompt seizure and confiscation, to deliver maximum recovery of assets for forfeiture and restitution to victims, and to deter criminals from using Singapore to hide, move, or enjoy their illicit assets.

The government will implement the strategy through upstream loss prevention efforts and a whole-of-society approach. 

The government has also strengthened partnerships with international counterparts and community and private sector stakeholders, including the Singapore Police Force’s Anti-Scam Command and the local banks.