$65m in ill-gotten gains seized by CAD, increase in white-collar crimes
White-collar crime getting more complex, larger in scale: Report
WHITE-COLLAR crime investigators here seized over $65 million in suspected criminal proceeds between 2011 and 2012.
These increasingly sophisticated offences come as Singapore emerges as a leading financial centre with increased capital flows and rapid improvements in telecommunications and technology, said Commercial Affairs Department (CAD) director Tan Boon Gin in a note published in the agency's annual report.
"The sophistication, complexity and scale of financial crime are greater than before," he wrote.
To adapt to these changes, the CAD is increasing its numbers to meet the needs of a "major, and trusted, financial centre".
NEED FOR NIMBLENESS
This presents a formidable challenge to the department, demanding that it keeps constantly in tune with an ever-changing business sector, and maintains a high degree of nimbleness and adaptability.
- Commissioner of Police Ng Joo Hee on the challenge in dealing with today's crimes, which are complex, multi-dimensional and often international in scale