Singapore Flags Cryptocurrency as High-Risk for Money Laundering
Singapore has identified cryptocurrency activities as high-risk for money laundering, according to a report by the Monetary Authority of Singapore. The June 20, 2024, alert highlights an increase in suspicious transaction reports and urges the financial sector to intensify preventative measures. Digital payment token service providers are now classified alongside precious stones, metals, and corporate services industries as vulnerable to financial crimes.
The Monetary Authority of Singapore has reported an increase in suspicious transaction reports involving digital tokens, marking cryptocurrency-related activities as 'higher risk.' This alert, issued on June 20, 2024, emphasizes the need for the financial sector to intensify efforts to prevent money laundering.
Singaporean authorities have categorized digital payment token service providers within a sector prone to financial crime, aligning them with industries dealing in precious stones, metals, and corporate services.