13-3-2024 (SINGAPORE) In a concerted effort to tackle the rising tide of transnational fraud, Singapore has joined forces with several nations to forge a collective strategy aimed at recovering fraudulent funds and developing an international approach to protect individuals and businesses from financial predation.
The agreement, formalized through a communique signed on Monday (March 11) at the inaugural Global Fraud Summit in London, represents a significant stride towards global cooperation in combating this pervasive threat. The summit, organized by the United Kingdom, drew more than 150 representatives from governments, regulators, non-profit organizations, and industry leaders from around the world, including Singapore’s Minister for Communications & Information and Second Minister for Home Affairs, Josephine Teo.
Alongside Australia, Canada, France, Germany, Italy, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States, Singapore has committed to a collaborative framework focused on the cross-jurisdictional recovery of fraudulently obtained funds and the development of a comprehensive international strategy to safeguard against fraud targeting individuals and businesses.
“Transnational fraud, such as scams, is a growing concern for many jurisdictions across the world,” remarked Minister Teo during the summit. “The Communique is an important step forward to strengthen collaboration with other jurisdictions and key partners such as the Financial Action Task Force and Interpol, so we can tackle fraud collectively.”
Underscoring the urgency of the matter, Minister Teo emphasized, “International collaboration is a critical component of Singapore’s strategy to combat fraud, and we are committed to doing our part – both domestically and on the global stage.”
In her address, Teo highlighted the importance of international cooperation in confronting the boundless reach of fraudsters, who have leveraged technology to extend their nefarious activities across borders with unprecedented speed and agility. To counter this threat, she proposed fortifying transnational enforcement and recovery efforts, engaging the industry to adopt stronger safeguards, and fostering proactive information-sharing among nations.
Elaborating further on the recovery of fraudulent funds in an interview with the media on Wednesday, Minister Teo revealed that Singapore and its counterparts are working to develop protocols to facilitate the exchange of information, aiding asset recovery in the event of scams.
The urgency of this collaborative effort is underscored by the alarming statistics presented during the Ministry of Home Affairs (MHA)’s Committee of Supply Debate in Parliament earlier this month. Home Affairs Minister K Shanmugam disclosed that scams were the primary driver of crime in 2023, with over 46,000 reported cases resulting in victims losing more than $650 million – a staggering increase of nearly 50 percent compared to the previous year.
On the domestic front, Singapore has been collaborating with telecommunications companies and banks to fortify the nation’s communications and banking channels against fraud. Additionally, the implementation of the Online Criminal Harms Act will grant law enforcement agencies the authority to issue directives to online platforms, preventing scam accounts and content from reaching or interacting with Singapore users.
Minister Teo also unveiled Singapore’s three-pronged strategy to eliminate fraud: agility, legal backing, and collaborative efforts. Emphasizing the need for swift action in response to the rapidly evolving tactics employed by criminal syndicates, Teo highlighted the close cooperation between banks and the police under the Anti-Scam Command, which facilitates rapid funds tracing and the freezing of scam-tainted bank accounts. In 2023 alone, the Anti-Scam Command froze more than 19,600 bank accounts and recovered over $100 million in scam losses.
Furthermore, Singapore’s commitment to combating fraud is bolstered by a robust legal framework that constantly updates its laws to better protect victims and deter and penalize fraudsters. Collaborative efforts across various agencies and domains have also proven instrumental, as exemplified by the successful inter-agency investigation into a money laundering case in August 2023.
“Last year, for the first time in five years, scam losses in Singapore did not spike further,” Teo noted. “Likewise for ransomware cases, there was a reprieve. While losses due to scams and ransomware are still considerable, the upward trends have hopefully been arrested and give us room to push back further.”
