Monographs/Information Papers
Virtual Assets Risk Assessment
Singapore’s Virtual Assets Risk Assessment (VA RA) provides a targeted review of the money laundering (ML), terrorism financing (TF) and proliferation financing (PF) risks associated with virtual assets, and complements Singapore’s national ML, TF and PF risk assessments. The VA RA identifies the key threats and vulnerabilities Singapore is exposed to. It also outlines relevant mitigation measures that government agencies and the private sector have put in place to mitigate the ML, TF and PF risks arising from virtual assets.
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Virtual Assets Risk Assessment
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About the Report
Singapore, as a FinTech hub, is vulnerable to the threats brought about by virtual assets. The VA RA assessed that Singapore’s key threat areas, where cases involving virtual assets were observed, include cyber-enabled fraud, cybercrime through ransomware and thefts from wallets, and ML. Other threats noted from international typologies and observations include illegal online gambling, drug offences, corruption, terrorism financing and proliferation financing.
The relevant law enforcement agencies, financial intelligence unit, policy and supervisory agencies will continue to stay vigilant of the ML, TF and PF risks identified through ongoing surveillance and raising the private sector’s risk awareness, as well as ensuring robust AML/CFT/CPF controls to address these risks. Financial institutions and designated non-financial businesses and professionals should also take reference from the VA RA in assessing their virtual assets-related risks and enhance their controls as appropriate.
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