Singapore is a booming economy and a huge financial market in this hemisphere of the world. Singapore has very strict financial policies as it is the home to some of the most prominent names in the world of finance.
Singapore is 3rd leading financial centre in the world. Financial Services is a major contributor to the Singaporean economy. A finance market so big is also a market for frauds, scams, ponsy schemes and suspicious transactions. But Singapore has dealt with these vices very well with its strict financial laws and the zero-corruption approach towards all the sectors. There were fewer suspicious transaction reports (STRs) filed last year for the first time in recent years, but data in the reports has resulted in more intel for Singapore’s enforcement agencies. An STR contains financial information and is filed when there is a reason to believe that the funds involved are related to crimes like money laundering or terrorism financing. The Commercial Affairs Department (CAD) of the Singapore Police Force said there were 32,660 reports filed last year in their annual report. The figure had been rising in recent years, with 35,471 reports filed in 2017, up from 29,082 in 2014. CAD’s Intelligence and Administration Group deputy director Seow Hwee Koon said the office handling STRs has reorganized its work processes to facilitate faster analysis and dissemination of financial intelligence reports to enforcement agencies here. He also stated that the office has a greater emphasis on the quality of financial data rather than the quantity.
The Suspicious Transaction Reporting Office (STRO) is the unit under the CAD that receives, analyses and disseminates financial intelligence. It also cooperates with foreign counterparts to exchange information and cooperation. Efforts of authorities have been successful to reduce suspicious financial transactions.