An ongoing money laundering investigation is denting Singapore's reputation as a clean financial hub, but while short-term readjustments could slow its financial sector, the city-state's clampdown will lead to long-term stability. Beginning in October, reports emerged that Singapore intends to review its legal framework with respect to financial crimes. The government will appoint an inter-ministerial panel to address flaws in the city-state's financial system. Singapore is grappling with its largest-ever money laundering case, involving around $2 billion worth of seized assets thus far, though additional seized assets have reportedly not been disclosed. Foreign and local banks are among those being investigated, including ten Singaporean financial institutions. Arrests have been made following a two-year government investigation over allegations of laundered money made from illegal activities that occurred either in Singapore or abroad (and then brought into Singapore), including gambling, forgery, illicit online gaming and unlicensed moneylending. After financial firms reported a...
