Government Evaluates Stricter Controls on High-Value Assets Amid Billion-Dollar Case
Singapore is assessing whether to broaden its anti-money laundering (AML) regulations to cover luxury assets beyond those currently recommended by the Financial Action Task Force (FATF), said Second Minister for Home Affairs Josephine Teo in Parliament.
This follows Singapore’s S$2.8 billion money laundering case, in which authorities seized luxury cars, bags, liquor, and ornaments. Unlike precious metals and gemstones, these high-value items are not yet subject to AML regulations.
While Singapore already enforces internationally recognized AML standards, Teo emphasized the need for careful evaluation of potential new measures. The goal is to enhance financial safeguards without causing unnecessary burdens for legitimate businesses and consumers.
Singapore’s AML framework currently covers both financial and non-financial institutions, including precious metals and gemstones dealers. These businesses are required to conduct customer due diligence for transactions exceeding S$20,000 in cash and file cash transaction reports when necessary.
Since 2021, authorities have taken 96 enforcement actions against non-compliant precious metal and gemstone dealers. Teo’s statement highlights ongoing efforts to tighten financial controls and prevent illicit money flows in Singapore.
