By The Diplomat | Created at 2025-03-20 12:46:32 | Updated at 2025-03-21 01:39:48
13 hours ago
The Debate | Opinion
“We welcome legitimate investors and businessmen, but we act firmly and decisively against those who break our laws.”
In “Why the US Must Push for Meaningful Financial Reform in Singapore” (published March 14, 2025), Alvin Camba makes unsubstantiated claims that Singapore has become a conduit for some Chinese enterprises and other bad actors to evade U.S. sanctions and launder funds.
Singapore is a trusted, open, and inclusive international business hub built on a strong rule of law. That is why leading companies from all over the world choose to invest and operate in Singapore.
We welcome legitimate investors and businessmen, but we act firmly and decisively against those who break our laws. Our system to deter and tackle money laundering and other illicit financial flows meets international standards, including those set by the Financial Action Task Force (FATF).
Our export control regime is aligned with major multilateral export control regimes. We strictly enforce sanctions approved by the United Nations Security Council. We do not tolerate businesses attempting to exploit Singapore’s reputation to circumvent international export controls.
Mr. Camba suggests that Singapore is reactive in law enforcement. But the facts tell a different story. In 2023, we proactively identified and dismantled a complex money laundering operation involving some S$3 billion, and took swift enforcement action. Mr. Camba’s claim that two individuals associated with former Philippines Mayor Alice Guo were arrested and linked to this case is incorrect.
Just last month, we charged three individuals for criminal conspiracy to commit fraud on suppliers of computer servers. This case was built on our own investigation and domestic laws, without reliance on information from any foreign entity.
Effectively combatting illicit flows of money and goods requires strong international cooperation. Our customs and law enforcement agencies work closely with their global counterparts. We remain committed to enforcing our laws, and expect others to do the same.
Finally, contrary to Mr. Camba’s allegations, Singaporeans are free to express their opinions, however critical, within the limits of the law. Our regulations exist to prevent the spread of falsehoods and misinformation that could undermine rational discourse and public trust.
