Singapore’s Monetary Authority (MAS) has released a new report that identifies crypto tokens and service providers as high-risk sectors for money laundering. The report highlights the increasing number of reported cases involving digital payment tokens (DPTs) and their potential for exploitation. Singapore experienced a significant money laundering case in September 2023, where $3.8 million worth of cryptocurrencies were withdrawn from a Binance account while the accused was in remand. Angela Ang, TRM’s Senior Policy Advisor and former MAS Deputy Director, emphasized the historic magnitude of the case, highlighting how cryptocurrencies are becoming a significant component in large financial crime cases. In April, MAS tightened its crypto regulatory oversight to promote the productive use of blockchain technology while addressing money laundering risks. Singapore remains committed to closely monitoring the risks associated with the crypto sector and is putting in place appropriate measures to address these risks. The MAS has introduced changes to enhance anti-money laundering (AML) rules for crypto players, focusing on user protection and financial stability-related requirements.
