Singapore is enhancing its anti-money laundering measures, encouraging real estate agents and luxury dealers to report suspicious activities, amid a push to regain international trust after a significant scandal.
Authorities emphasize that dealers of high-value goods must file reports if they suspect any property is linked to criminal activities, as non-compliance can lead to sanctions.
The city is undergoing scrutiny from the Financial Action Task Force and faces competition from other global hubs, prompting a proactive stance in tackling illicit wealth.
An outreach strategy aims to instruct high-value goods sellers on recognizing red flags, helping them to report suspicious transactions effectively and swiftly.
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