September 20 2016
The number of suspicious transaction reports has almost doubled between 2012 and last year, according to the annual report of the Commercial Affairs Department (CAD).
In 2012, there were 17,975 reports made to the Suspicious Transaction Reporting Office (STRO), the CAD unit which receives and analyses reports of suspicious financial transactions. The figure spiked to 29,082 in 2014 and 30,511 last year.
CAD said the increase “reflects the vigilance of reporting entities and a higher level” of awareness here about anti-money laundering and counter-terrorism financing efforts. Among the reports filed last year, about a third, or 10,080, came from the banks, while 6,737 and 6,645 reports came from casinos, and money-changers/remittance agents respectively.