Any dealer of high-value goods “who knows, or has reasonable grounds to suspect that any property may be connected to criminal conduct” must file a report to the government, the financial regulator said in a joint release with the Ministry of Finance and Ministry of Home Affairs. “Those who fail to do so may be committing an offence that attracts sanctions,” it said.
Singapore is urging the country’s real estate agents, gemstone dealers and luxury car sellers to be more proactive in flagging suspicious customers, part of the country’s move to fight money laundering.
Authorities are requesting such so-called gatekeepers to improve information sharing and understanding of anti-money laundering, as part of a broad framework to strengthen supervision just over a year after a record $3 billion criminal case.
