Singapore flags real estate, casinos, corporate service providers among non-bank money laundering risks
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Corporate service providers, real estate, casinos as well as precious stones and metals are among the non-banking sectors that pose higher money laundering risks to Singapore, indicated the updated Money Laundering National Risk Assessment published on ThursdSingapore flags real estate, casinos, corporate service providers among non-bank money laundering risks
Corporate service providers, real estate, casinos as well as precious stones and metals are among the non-banking sectors that pose higher money laundering risks to Singapore, indicated the updated Money Laundering National Risk Assessment published on Thursday (Jun 20). The banking sector, which includes wealth management, was assessed to pose the highest money-laundering risk to the country. But some designated non-financial businesses and professions also pose high risks. Corporate service providers, for example, provide upstream services such as incorporation of companies and «are linked to the misuse of legal persons in some instances», said the Ministry of Home Affairs, Ministry of Finance and Monetary Authority of Singapore in a joint press release. Another higher-risk sector is licensed trust companies, which may deal with customers with risks of corruption or tax evasion. Such companies also deal with complex legal structures and handle high-value, cross-border transactions. Read more