Singapore faces significant ML risks from environmental crimes

Environmental crimes in Singapore generate up to $380b annually.

The Environmental Crimes ML National Risk Assessment found Singapore vulnerable to ML threats from illegal wildlife trafficking, logging, and waste trafficking in Southeast Asia.

The NRA also found that banks and cross-border payment services in Singapore most vulnerable to laundering proceeds from environmental crimes due to their transnational nature.

Other findings include:

• 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. 
• Given the level of exposure and extent of controls, there is a medium-low risk of criminals using Singapore for environmental crimes ML. 

Government agencies, financial institutions (FIs) and Designated Non-Financial Businesses and Professionals (DNFBPs) can reference the NRA to develop mitigation measures to address the risks.

In Singapore, environmental crimes such as illegal wildlife trafficking and illegal logging are estimated to generate around $148b (US$110b) to $380n (US$281b) annually, in criminal gains worldwide.