Hard for volunteer-run charities to identify money laundering donors
Empower charities with tools instead of demanding compliance with rules.
Sign up now: Get ST's newsletters delivered to your inbox
More can be done to level up the giving sector instead of demanding compliance so that resource-lean charities can avoid being a conduit for laundered funds, say the writers.
PHOTO: SINGAPORE POLICE FORCE
Marian Ho and Loh Kia Meng
Philanthropy is booming in Singapore, spurred by the influx of wealth.
In 2021, assets under management in Singapore grew 16 per cent year on year to $5.4 trillion. The number of single family offices grew from 700 in 2021 to 1,100 at the end of 2022.