LOADING

Type to search

Singapore Releases National Risk Assessment on Money Laundering Linked to Environmental Crimes

Singapore Releases National Risk Assessment on Money Laundering Linked to Environmental Crimes

Singapore

Singapore published an Environmental Crimes Money Laundering (ML) National Risk Assessment (NRA) which identifies the key threats and vulnerabilities in environmental crimes ML that Singapore is exposed to, and outlines mitigation measures which government agencies, financial institutions (“FIs”) and Designated Non-Financial Businesses and Professionals (“DNFBPs”) can develop to address the risks. 

2  Environmental crimes and the laundering of their proceeds endanger the environment and have a far-reaching impact. Each year, environmental crimes such as illegal wildlife trafficking and illegal logging are estimated to generate around US$110 billion to US$281 billion in criminal gains globally. Singapore’s exposure to environmental crimes ML stems from its position as an international financial centre, and a trading and transit hub, with a highly externally-oriented economy.

3  The Environmental Crimes ML NRA assessed that:

a) Singapore is susceptible to ML threats that emanate from illegal wildlife trafficking, illegal logging, and waste trafficking, which are prevalent in Southeast Asia.

b) In comparison to other sectors in Singapore, banks and cross-border payment service providers are most vulnerable to being misused to launder proceeds from environmental crimes, given their transnational nature.

c) Singapore has a strong and transparent legal and enforcement framework to detect ML, and pursue ML investigations, prosecution, asset recovery and international cooperation, in relation to environmental crimes.

d) Given the level of exposure and extent of controls, there is a medium-low risk of criminals using Singapore for environmental crimes ML.

Related Article: UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech

4  Singapore’s law enforcement agencies and supervisory agencies will continue to stay vigilant and take appropriate measures to mitigate the risks identified in this Environmental Crimes ML NRA.

5  FIs and DNFBPs should also take reference from this Environmental Crimes ML NRA in assessing their risks and enhance their controls as appropriate. Please refer to this link for a copy of the Environmental Crimes ML NRA.

Topics

Related Articles

LOADING

Type to search

Blog

Integrity Council Approves New Carbon Removal Standards
Jane Goodall, Trailblazing Primate Expert and Conservationist, Passes at 91
Hong Kong Expands $31B Green Bond Program to Fund Climate Projects
EU Postpones Sustainability Reporting Rules for Non-EU Companies
Asia-Pacific Leaders at UN Global Compact Roundtable Push Sustainability
Luxury Clients Shift Toward Quality, Pre-Owned, and Sustainable Goods, EY Survey Finds
Nuveen Takes Majority Stake in Ally Energy Solutions to Accelerate U.S. Decarbonization
TotalEnergies Sells 50% Stake in $1.25B North American Solar Portfolio to KKR
ExxonMobil Secures Contract to Store AtmosClear’s Biomass CO₂ in Louisiana
SBTi Launches First Global Register of Certified Target-Setting Experts
Norges Bank Commits $1.5 Billion to Brookfield’s Global Transition Fund II
Indonesia’s Sovereign Fund Moves Ahead With Waste-to-Energy Buildout
EU Council Approves Simplification of Carbon Border Adjustment Mechanism
EIB Adopts Phase Two of Climate Bank Roadmap, Doubles Adaptation Finance to $32B
Image of official Toronto Climate Week logo nad icon in reverse white text over blue background
PwC Survey Finds Rising Pressure and Value in Corporate Sustainability Reporting
IBM Launches API to Embed Emissions Data into Corporate and Vendor Tools
Founder Group to Build $2.76B Solar and Storage Complex in Sarawak
Germany Delivers Nearly $14 Billion in Climate Finance for 2024
","session_id":"ep-sess-1760752017-VgRFr5Kf","page_url":"https:\/\/esgnews.com\/singapore-releases-national-risk-assessment-on-money-laundering-linked-to-environmental-crimes\/","post_id":"27409","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */