Singapore monitoring new forms of illicit financing
Asian financial hub Singapore has said it was scrutinising trade in
virtual currencies such as Bitcoin as well as precious stones and metals
to forestall new forms of illicit financing by criminals and
terrorists.
Asian financial hub Singapore has said it was scrutinising trade in
virtual currencies such as Bitcoin as well as precious stones and metals
to forestall new forms of illicit financing by criminals and
terrorists.
According to AFP news agency, in an inaugural report on money laundering and terrorist financing risks, the city-state said these sectors were identified for further study "as technology evolves and criminals become more sophisticated".
"Authorities will seek to better understand how money laundering and terrorist financing can be carried out through these channels," said the joint report by the finance and home affairs ministries as well as the Monetary Authority of Singapore (MAS).
It said the government would "review international best practices, to determine whether any safeguards and mitigating measures are needed".
The report said virtual money and precious metal-backed currencies carry the risk of being abused due to their anonymity, cross-border nature and low transaction costs.
The MAS, which serves as the city-state's central bank, "is closely monitoring developments in this area and will consider the need for regulation if necessary", the report said.
Bitcoin, the world's most popular form of electronic money, made headlines last year when US authorities closed the Silk Road website when it was found the currency was being used to buy illegal drugs, forged documents, hacker tools and even the services of hitmen.
The report also said Singapore was monitoring the trade in precious stones and metals.
"There are international typologies on the use of precious stones and metals as a tool to launder money, particularly as a store-of-value to move illicit proceeds easily," it added.
The bank said of 22 sectors that were assessed, the city's vast financial sector remained among the most vulnerable to abuse owing to the large number of transactions that take place and its wide international reach.
Singapore houses the regional offices of some of the world's top financial institutions and its total assets under management are now around 1.4 trillion SGD (1.02 trillion USD), according to the MAS.-VNA
According to AFP news agency, in an inaugural report on money laundering and terrorist financing risks, the city-state said these sectors were identified for further study "as technology evolves and criminals become more sophisticated".
"Authorities will seek to better understand how money laundering and terrorist financing can be carried out through these channels," said the joint report by the finance and home affairs ministries as well as the Monetary Authority of Singapore (MAS).
It said the government would "review international best practices, to determine whether any safeguards and mitigating measures are needed".
The report said virtual money and precious metal-backed currencies carry the risk of being abused due to their anonymity, cross-border nature and low transaction costs.
The MAS, which serves as the city-state's central bank, "is closely monitoring developments in this area and will consider the need for regulation if necessary", the report said.
Bitcoin, the world's most popular form of electronic money, made headlines last year when US authorities closed the Silk Road website when it was found the currency was being used to buy illegal drugs, forged documents, hacker tools and even the services of hitmen.
The report also said Singapore was monitoring the trade in precious stones and metals.
"There are international typologies on the use of precious stones and metals as a tool to launder money, particularly as a store-of-value to move illicit proceeds easily," it added.
The bank said of 22 sectors that were assessed, the city's vast financial sector remained among the most vulnerable to abuse owing to the large number of transactions that take place and its wide international reach.
Singapore houses the regional offices of some of the world's top financial institutions and its total assets under management are now around 1.4 trillion SGD (1.02 trillion USD), according to the MAS.-VNA
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