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Singapore Pledges Crackdown on White-Collar Crime
By
Andrea Tan
18 January 2018, 11:58 GMT+8Updated on 16 May 2018, 08:52 GMT+8
Singapore says it’s getting more serious about tackling white-collar crime. The police force’s financial crime-fighting unit -- the Commercial Affairs Department -- has declared a goal to target ill-gotten gains “more proactively,” especially those from overseas. The crackdown follows several high-profile cases, notably an investigation into links between financiers in the city state and the troubled Malaysian state fund known as 1MDB. At stake is the Southeast Asian nation’s reputation as a safe -- and responsible -- hub for finance and business.
1. Is white-collar crime a particular problem?
Singapore ranks among the least corrupt nations globally, but it’s surrounded by countries at the other
end of the scale, making it vulnerable to efforts to channel dodgy funds into the financial system. In a 2018
global financial secrecy index, which rated nations for factors including illicit money flows and tax haven status, Singapore ranked fifth -- behind Switzerland, the U.S., Cayman Islands and Hong Kong. Recent scandals at Singapore companies -- including
briberyat Keppel Offshore & Marine Ltd. and graft at
train operatorSMRT -- highlight how low-crime Singapore isn’t immune to financial wrongdoing.
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