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CAD undergoes major overhaul to better fight new financial crimes

The Commercial Affairs Department has gone through a restructuring and expansion effort, positioning itself as the financial police to be a more threat-focused and intelligence-led agency.

SINGAPORE: The Commercial Affairs Department (CAD) has gone through a restructuring and expansion effort, positioning itself as the financial police to be a more threat-focused and intelligence-led agency.

In its annual report released on Monday (30 June), the CAD said it has "more than doubled" the number of officers so as to free up some of the tight uniformed resources to be deployed strategically.

"Our experience with investment scams is that by the time we are alerted that something is wrong and conduct an investigation, it can be too late to recover most of the moneys invested. We are building a new intelligence capability to try and take a more proactive approach to nip such scams in the bud," Director of CAD Tan Boon Gin said.

Mr Tan also shared that "Singapore's openness as an international transport hub and financial centre exposes it to cross-border money-laundering and terrorist financing risks".

To tackle the trend of overseas criminals seeking to launder money through Singapore bank accounts, the CAD has tripled financial investigation resources, with dedicated branches for international cooperation and terrorist financing, investigations into proceeds from both domestic and overseas criminal activity, and serious tax crimes.

And to address public concern over the misappropriation of government funds and donations in the non-profit sector, CAD has dedicated resources to combat investment fraud and public institutional fraud to improve the turnaround time for investigating these offences and speed up the recovery process for victims.

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