Singapore must take more aggressive action against complex cross-border money-laundering including prosecuting individuals and seizing illicit proceeds, a global financial crimes watchdog said Tuesday.
The Paris-based Financial Action Task Force (FATF) said in a review the city-state has made significant improvements in its anti-money laundering and counter-terrorist financing framework since the last assessment in 2008.
It said, however, that Singapore needs to do more, especially in prosecuting bigger cases where the crime is committed in another country and the proceeds are laundered in Singapore, one of Asia's top financial centres.
"Singapore provided information that it was pursuing some complex cases involving transnational fraud and corruption," it said.