The clampdown follows high-profile cases such as financiers in Singapore and their association to the 1MDB (1 Malaysia Development Berhad).
Singapore states that it is becoming more stringent and serious about combatting white-collar crime according to Bloomberg. The Commercial Affairs Department – the financial crime-fighting unit within the police force – has released a goal to target illicit gains in much more effective and efficient ways, especially concerns about those overseas.
The move will follow numerous high-profile cases, particularly an investigation into links between city state financiers and the concerned Malaysian state fund, the 1MDB. Notably, the nation of Southeast Asia’s reputation as a responsible and safe hub for business and finance is now in question.
However, Singapore is amongst the least corrupt nations in the world in the rankings. Although, it is surrounded by countries on the other end of the scale, which makes Singapore exposed to attempts to channel dodgy funds into the financial system.