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| 1 minute read

The Dark Side of the Economy

As Singapore is rocked by the news of the Commercial Affairs Department's (CADs) S$1.8 billion raid, I invited to speak on a podcast by Setia Law LLC entitled "The Dark Side of the Economy", which focused on taking a deep-dive into the underbelly of the economy and the intricate world of illicit funds. 

Singapore's regulatory framework for money laundering incorporates a number of different laws, the primary one being the Corruption Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act or CDSA and for Terrorism Financing, the Terrorist Suppression of Financing Act. The Monetary Authority of Singapore (MAS) is Singapore's central bank and financial regulatory authority responsible for regulating financial institutions whilst the Gambling Regulatory Authority (GRA) is responsible for regulating the gambling industry.

In the podcast we touch upon what money laundering is and the origins of the phrase "money laundering" itself which, for any linguists and history buffs amongst us, is indeed derived in part from the use of actual laundromats. Additionally, we explore why individuals should be concerned about the ramifications of money laundering, such as its distortion of market demand and prices. Lastly, we reflect on the underlying crimes associated with money laundering.

We then discuss Singapore's regulatory framework in relation to frameworks in other countries worldwide. Additionally, we address the distinctive obstacles that Singapore encounters in tackling money laundering due to its geographical location, established status, and appeal as a financial hub that draws wealth from international sources.

We also touch upon the top money laundering trends that are the most concerning which include how criminals are increasingly turning to virtual assets/cryptocurrency in order to launder large volumes of money, and the shift by criminals to utilising online gaming and other similar platforms that enable funds to be "cleaned".

Finally wrapping up with what we would do if we could play legislator for the day.

The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

FTI Consulting, Inc., including its subsidiaries and affiliates, is a consulting firm and is not a certified public accounting firm or a law firm.


moneylaundering, financialcrimecompliance, criminalmonies, investigations, fraud, investigations & monitorships, policy & regulation, risk & compliance