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Survey reveals growing money laundering threats in Singapore

The Monetary Authority of Singapore (MAS) reports an increase in perceived money laundering and terrorism financing risks in Singapore’s financial system. A survey indicated these risks as a major concern for financial institutions, exacerbated by a recent SGD2.8bn (USD2.1bn) laundering case. Additionally, monetary policy tightening, geopolitical, technology, and cyber risks are other top concerns. Stress tests on Singapore Exchange-listed corporations show most can withstand interest rate and earnings shocks, with a notable percentage at risk in adverse conditions. However, their vulnerability decreases significantly after accounting for cash reserves and hedging. The MAS advises firms to maintain prudent financial management and vigilance against potential macroeconomic challenges and prolonged high interest rates.


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