More action against illicit financial activities

Emerging threat: A Rolls-Royce vehicle being seized in connection with the S$2.8bil money-laundering case in Singapore in October. Allegations have erupted that wealthy Chinese have been pouring ill-gotten gains into the Asian financial hub. — Bloomberg

SINGAPORE: A S$2.8bil money-laundering case that rocked Singapore in 2023 has put a spotlight on the republic’s work in having to continuously monitor and improve its legislative and regulatory measures.

Lawyers said the country needs to also continue being proactive in maintaining the highest standards of integrity so it can carry on as a trusted financial hub.