Singapore announces national asset recovery strategy
Singapore has announced its national asset recovery strategy (NARS), setting out a comprehensive approach towards the recovery of illicit funds and assets from criminals, and the forfeiture of these assists of their return to victims.
Singapore announces national asset recovery strategy. Photo courtesy of hubbis.com.
The strategy was announced by Prime Minister Lawrence Wong at the opening of the Financial Action Task Force Plenary Meeting on Wednesday, as part of Singapore’s continued efforts to enhance its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.
The NARS will comprise four prongs – detecting suspicious and criminal activities by tracing the illicit funds, depriving criminals of their ill-gotten proceeds through prompt seizure and confiscation, delivering maximum recovery of assets for forfeiture and restitution to victims, and deterring criminals from using Singapore to hide, move, or enjoy their illicit assets.
According to Singapore's Ministry of Finance, Ministry of Home Affairs, and Monetary Authority of Singapore (MAS), between January 2019 and June 2024, Singapore seized 6 billion SGD ($4.4 billion) linked to criminal and money laundering activities.
Some 416 million SGD has been returned to the victims, and $1 billion forfeited to the state, with the bulk of the remaining sums linked to ongoing investigations or court proceedings.
- Read More
Singaporean police block over 110 suspicious bank accounts
The Singaporean police announced on Thursday that more than 110 suspicious bank accounts with over $400,000 have been blocked by the United Overseas Bank (UOB) or seized by the police in a joint operation targeting money mules.
Southeast Asia - Fri, June 28, 2024 | 10:12 pm GMT+7
Vietnam EV market race heats up with presence of foreign brands
Vietnam’s electric vehicle (EV) market race has heated up with the entry of several foreign giants including BYD and Chery of China and MG of the UK.
Economy - Fri, June 28, 2024 | 9:48 pm GMT+7
Malaysia attaches importance to technology, engineering human resources to attract investment
In the next five to 10 years, Malaysia is targeting 60,000 skilled technology/engineering based talents to attract high-quality investments that create higher-paying jobs, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
Southeast Asia - Fri, June 28, 2024 | 9:15 pm GMT+7
Indonesia to grow steadily in next two years: World Bank
Indonesia’s economy will expand by 5% this year and 5.1% in 2025 and 2026, according to the World Bank’s latest report.
Southeast Asia - Fri, June 28, 2024 | 9:12 pm GMT+7
Thai economy to grow at potential rate
The Bank of Thailand (BOT) expects the economy will start stabilising from the third quarter thanks to accelerated growth and the potential to meet the 2.6% expansion target for 2024.
Southeast Asia - Fri, June 28, 2024 | 8:16 pm GMT+7
Vietnam e-commerce market to reach $24 bln value in 2025: NIQ exec
Vietnam’s digital economy in 2025 will attain a value of $43 billion, with e-commerce accounting for $24 billion, up 22% year-on-year, said Long Le, retailer lead at international consumer intelligence firm NIQ Vietnam.
Economy - Fri, June 28, 2024 | 6:57 pm GMT+7
New editorial board to steer The Investor to new development stages
The Investor will be helmed by a new editorial board comprising Editor-in-Chief Pham Duc Son, Deputy Editors-in-Chief Nguyen Phong Cam and Vo Ta Quynh, and member Nguyen Thai Son, starting July 1, 2024.
Economy - Fri, June 28, 2024 | 5:37 pm GMT+7
Agri major Loc Troi targets triple net profit in 2024, plans stock dividend payout till 2025
Loc Troi Group JSC, one of the biggest agribusinesses in Vietnam, has targeted VND50 billion ($1.97 million) in net profit this year, triple year-on-year.
Companies - Fri, June 28, 2024 | 4:17 pm GMT+7
High prices major reason for low purchasing power in Vietnam realty market
Now’s a good time to buy a house, experts opine, but purchasing power remains low as prices do not fit the pockets of a majority of those who need houses.
Real Estate - Fri, June 28, 2024 | 3:22 pm GMT+7
Danang calls for mega project investments in suburban district
Danang is calling for investment for large-scale projects in the central city’s Hoa Vang district, which is being developed as an eco-tourism, high-tech industry, agriculture and logistics hub.
Industries - Fri, June 28, 2024 | 11:28 am GMT+7
IFC, Korean partner pump $60 mln towards bad debt resolution in Vietnam
International Finance Corporation (IFC) and South Korea’s Welcome Financial Group (WFG) will invest $60 million in a platform to help resolve non-performing loans (NPLs) in Vietnam.
Banking - Fri, June 28, 2024 | 10:50 am GMT+7
Malaysian budget carrier in talks to establish AirAsia Vietnam
Malaysian carrier AirAsia is in discussions to set up a branch in Vietnam, adding to its overseas presence in Malaysia, Thailand, the Philippines, Indonesia, and Cambodia.
Travel - Fri, June 28, 2024 | 10:05 am GMT+7
Vung Ang 2 thermal power plant likely to have negative environmental impacts: report
Noise and dust from the Vung Ang 2 thermal power plant in Ha Tinh province, central Vietnam are already troubling residents in the vicinity and they want resettlement completed before it becomes operational.
Economy - Fri, June 28, 2024 | 9:21 am GMT+7
Securities firms’ M&A deals bolster Vietnam market dynamics: experts
A slew of acquisitions of securities firms by both Vietnamese and foreign investors over the last year or so have been driven by more than profit making through margin lending, experts say.
Finance - Fri, June 28, 2024 | 8:00 am GMT+7
ASEAN chief proposes measures to foster comprehensive strategic partnership with China
Secretary-General of the Association of Southeast Asian Nations (ASEAN) Kao Kim Hourn has suggested measures to enhance ASEAN-China comprehensive strategic partnership to create greater benefits to the people of bloc member countries and China.
Southeast Asia - Thu, June 27, 2024 | 11:36 pm GMT+7
Vietnam plans 3 railway links with China under Belt and Road Initiative
Vietnam is considering three railway routes linking with China under the Belt and Road Initiative (BRI) and the “Two Corridors, One Belt” initiative, Prime Minister Pham Minh Chinh said Thursday.
Economy - Thu, June 27, 2024 | 7:36 pm GMT+7
