TODAY-March 13
The communique endorsed by Singapore and 10 other countries on Monday (March 11) in London at the inaugural Global Fraud Summit signals a high level commitment to tackle scams, Second Minister for Home Affairs Josephine Teo said on Wednesday. There is widespread acknowledgement that fraud is a global problem, she told reporters via video call after the two-day event, which involved governments, regulators, non-profit groups and industry representatives. The communique included commitments to explore ways to improve the recovery of fraudulently acquired funds across jurisdictions. Australia, Canada, France, Germany, Italy, Japan, New Zealand, the Republic of Korea, the United Kingdom and the United States also endorsed the communique. Mrs Teo said that strengthening cooperation when it comes to asset recovery is important because fraudulent funds often flow out of a jurisdiction very quickly. The agreement also recognises the critical role that industry plays and encourages them to strengthen their anti-scam efforts. Platforms owned by industry representatives are available to a wide number of users and have been exploited by fraudsters, Mrs Teo said. “We need to get them to step up on their measures so as to protect their users,” she said. “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,” Mrs Teo said, according to a press release from the Ministry of Home Affairs. With the help of other countries, Singapore was able to take down 19 transnational scam syndicates last year, she noted. Mrs Teo also said more than 19,600 bank accounts were frozen in Singapore last year. Banks and the police work together to trace funds and freeze scam-tainted accounts, and more than S$100 million of scam losses were recovered. There were a record 46,563 scam cases in Singapore last year. Read more at: https://www.todayonline.com/singapore/singapore-endorses-communique-tackling-scams-inaugural-global-fraud-summit-2382181
