Southeast Asia Information Port (www.dnyxxg.com) – Singapore recently launched its National Asset Recovery Strategy (NARS), outlining how to seize illicit funds and assets from criminals, confiscate illegal financial gains, and return assets to victims.
Singapore Prime Minister Lawrence Wong made the announcement at a meeting of the Financial Action Task Force (FATF) at Marina Bay Sands. This is part of Singapore's ongoing efforts to strengthen its anti-money laundering and counter-terrorism financing (AML/CFT) regime.
Singapore's NARS strategy will focus on four key pillars: Detect, Deprive, Deliver, and Deter, to maximize asset recovery for confiscation or return to victims and prevent criminals from using Singapore to hide, transfer, or enjoy illicit assets.
According to a press release issued by Singapore's Ministry of Finance, Ministry of Home Affairs, and Monetary Authority of Singapore (MAS), between January 2019 and June 2024, the country seized assets worth S$6 billion (approximately US$4.43 billion) from criminal and money laundering illicit activities. Of this, S$416 million has been returned to victims, S$1 billion has been confiscated by the state, and the remainder is still under investigation or in court. (End)
