Specialist Staff Departments

COMMERCIAL AFFAIRS DEPARTMENT

Commercial Affairs Department

The Commercial Affairs Department (CAD) is the principal white-collar crime investigation agency in Singapore. We investigate into a spectrum of commercial and financial crimes and safeguard Singapore’s integrity as a world-class financial and commercial centre through vigilant and professional enforcement of the laws.

 

Our Mission

The mission of CAD is to prevent, deter and detect financial crime.

 

Our Shared Vision

Our vision is to make Singapore the safest and most trusted place for business and finance.

 

Organisational Structure

The Commercial Affairs Department has three groups, namely the Enforcement Group, the Financial Investigation Group and the Intelligence and Admin Group.

Enforcement Group

 The Investment Fraud Division investigates complex investment and pyramid selling schemes for suspected fraud and breaches of the Securities and Futures Act and the Multi-Level Marketing and Pyramid Selling (Prohibition) Act that may arise from the operation of such schemes.

The Securities Fraud Division investigates into capital market misconduct such as insider trading and share manipulation, as well as other breaches of the Securities and Futures Act. We also investigate fraud committed by the board and senior management of public listed companies, acting in their official capacity.

The Private Institutional Fraud Division investigates fraud in the business sector committed by officers and managers of business entities, and professionals such as lawyers, public accountants and bankrupts. We also investigate into fraudulent timeshare schemes.

The Public Institutional Fraud Division investigates into fraud in the public sector involving government agencies, charities, societies and other public organisations.

Financial Investigation Group  

The Financial Investigation Division I deals with money laundering and other offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). We also investigate complex cases of fraud involving employees of financial institutions.

The Financial Investigation Division II investigates into possible cases of terrorism financing under the Terrorism (Suppression of Financing) Act (TSOFA). We also facilitate cooperation between CAD and its foreign counterparts to combat transnational crime including money laundering.

The Transnational Fraud Division investigates money laundering offences involving transnational scams, domestic wire transfer fraud, transnational scams affecting the general public such as lottery scams, phone impersonation scams and credit-for-sex scams. Since 2017, a Transnational Commercial Crime Task Force (TCTF) was also formed, with investigators from CAD and Land Divisions, to investigate serial transnational scams such as Internet Love Scams and Facebook friend impersonation scams.

The Specialised Commercial Crime Division investigates the investigation of payment systems fraud such as credit card fraud, ATM fraud involving counterfeit currencies and fraudulent motor insurance claims. A Task Force, E-FECT, has been set up in 2018 to look into e-Commerce scams.

The Policy & Operations Division charts operational strategies and development plans to combat commercial and financial crimes. We promulgate doctrines, operating guidelines and procedures on all investigative operational matters for CAD Divisions and the Commercial Crime Units in the Police Land Divisions.

Intelligence & Admin Group  

The Corporate Services Group administers CAD’s finance, manpower, administration and corporate planning functions.

The Intelligence Division provides field intelligence support to the enforcement arms of CAD. The Division works with local intelligence agencies and overseas law enforcement agencies to exchange and gather information to tackle transnational commercial crimes.

The Suspicious Transaction Reporting Office (STRO), a Financial Intelligence Unit, is the central agency in Singapore for receiving, analysing and disseminating Suspicious Transaction Reports (STRs), Cash Movement Reports (CMRs) and Cash Transaction Reports (CTRs). We turn the data in these reports into financial intelligence to detect money laundering, terrorism financing and other criminal offences.

We engage the financial and business community, including industry associations, to raise the usefulness of data of reports filed by them. We also engage the domestic law enforcement agencies to increase their use of financial intelligence to fight crime. STRO is a member of the Egmont Group of Financial Intelligence Units (FIUs) and we have collaborations with the international network of foreign FIUs to combat crime.

Financial Intelligence

Statistics on STRs, CMRs and CTRs received by STRO and the usage of financial intelligence.

Community Partnership

STRO’s engagements with business community and domestic law enforcement agencies.

International Cooperation

STRO’s activities involving our foreign counterparts and Egmont Group of FIUs.


AML/CFT

Overview of Singapore's Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) Framework

Money laundering (ML) is the process where criminals introduce their criminal proceeds into the world's financial system to disguise the illegal origin. The proceeds may be from drug trafficking or other serious crimes. The laundering of tainted funds allows the criminals to use their "dirty money" without fear of detection.

Closely linked to money laundering is terrorism financing (TF). In terrorism financing, funds may originate from legitimate or criminal sources. However, the techniques used to conceal the sources and uses of the terrorists' funds are similar to ML.

Singapore is keenly aware of the significant harm that ML and TF can bring. As a major financial centre, Singapore has put in place measures to ensure that we keep out money launderers and terrorism financiers.

  • Robust AML/CFT legislation
  • Close Partnership with the industry
  • Strict enforcement action and ongoing supervision
  • Active International Cooperation

These measures form Singapore's AML/CFT framework. Everyone plays an important role in combating ML and TF to maintain Singapore's strong reputation as a well-regulated financial centre.

The Financial Investigation Division of CAD is the specialist AML/CFT division. It investigates ML/TF offences, including seizure and confiscation of criminal proceeds.

National Risk Assessment

On 10 January 2014, Singapore issued its inaugural national money laundering and terrorism financing risk assessment (NRA) report. The NRA is conducted under the ambit of the Steering Committee (SC) for combating money laundering (ML) and terrorism financing (TF). The SC comprises the Permanent Secretary of the Ministry of Home Affairs, Permanent Secretary of the Ministry of Finance and Managing Director of the Monetary Authority of Singapore.

The NRA report is the result of a two-year government-wide exercise. It covers 14 financial sub-sectors and 8 non-financial sectors in Singapore. The assessment takes into account our economic and geographical environment; our legal, judicial and institutional framework; as well as crime trends. Emerging risks have also been identified for further study.

The aim of the NRA is to help authorities maintain an effective risk-based regime to combat ML and TF, as well as to prioritise and allocate public sector resources efficiently. The NRA is also meant to help private sector stakeholders to better understand the ML and TF risks in their own and related industries, assess the adequacy of their controls, and strengthen them where necessary. The public will also benefit from greater awareness of the ML and TF risks in Singapore and the mitigation measures.

Click here for the NRA Report and here for a summary.

 

AML Policy Statement and Strategies

 

CAD’s Anti-Money Laundering Policy Statement and Strategies

Policy Statement

Singapore’s AML/CFT policy objectives are to: i) detect, deter and prevent money laundering, associated predicate offences and terrorism financing; and ii) protect the integrity of its financial system from illegal activities and illicit fund flows.

Overarching Strategy

To adequately focus on money laundering investigations in Singapore, regardless whether the money laundering offence arose from a domestic or foreign predicate offence.

To deprive criminals of the proceeds and instrumentalities of their crimes (both domestic and foreign), or of property of an equivalent value.

Strategy 1: Ensure that money laundering is pursued in all appropriate cases, including those arising from foreign predicate offences

Case Proforma to be completed by the investigator and counterchecked by both his supervisor and the Attorney-General’s Chambers. Audits to be conducted by CAD for compliance within the Singapore Police Force.

Formalise and update Standard Operating Procedures with other law enforcement agencies and competent authorities, for money laundering cases to be referred to CAD.

Review all incoming formal or informal foreign request for assistance for possible money laundering offences committed in Singapore.

Right-sizing of resources for investigations.

Strategy 2: Promote effective international cooperation

Proactively engage foreign counterparts, especially counterparts from higher risk jurisdictions, whenever suspected ML is detected in Singapore arising from foreign predicate offences.

Conduct parallel/joint investigations with foreign counterparts, on the basis of confidentiality and reciprocity, where appropriate.

Share information with foreign counterpart in the context of a parallel/joint investigation.

 

Strategy 3: Asset Confiscation as a Desired Outcome

Conduct parallel financial investigations for cases with criminal proceeds generated.

Seize criminal proceeds at the earliest opportunity to prevent dissipation.

Streamline workflows to ensure fast response in cases where suspected tainted assets are still in Singapore.

Strengthen strategic partnerships especially with financial institutions on asset seizures.

 

Strategy 4: Address ML risks identified in NRA

Proactively engage the regulators for the higher risk sectors.

Update AML/CFT Steering Committee and relevant agencies whenever new ML trends/threats are detected.

Proportionality principle in mitigating risks for Medium or Low Risk areas.

 

Strategy 5: Strengthen collaboration with STRO

Work with STRO to develop "red flag indicators" to the reporting entities to assist them to detect suspicious transactions.

Work with STRO’s liaison officers to fine-tune referral criteria.

To support STRO in outreach efforts; to provide the public with case studies on STRs that led to the detection of ML and investigation outcomes.

 

Strategy 6: Attention to emerging trends/Reduce "unknown unknowns"

To acknowledge that risks are dynamic, may change from time to time, and that even with best efforts we cannot know everything there is to know about the ML risk in Singapore.

Continue sending quality spontaneous exchanges of information to detect crime, especially ML in Singapore.

Proactively engage foreign counterparts for their perception of ML risks in Singapore vis-à-vis their respective home countries. To discuss and seriously consider these risks even if the risk in the latest NRA is assessed as low. To explore ways to detect ML cases in situations where there are few ML cases in a particular area/crime category.

Scan international/media reports to find out others’ perception of risks and pursue the cases, if sufficient details are provided.


CONTACT DETAILS

Police Cantonment Complex Block D

391 New Bridge Road #06-701

Singapore 088762

Tel : 1800 325 0000

(+65) 6325 0000 if you are calling from overseas

Fax: (+65) 6223 3171

Last Updated on 09 April 2019