Speaking at the opening, Attorney-General of Singapore Lucien Wong highlighted the importance of ASEAN - China cooperation in combating financial crimes, and that the increasing complexity of financial crimes requires cooperation among prosecution agencies to exchange the best practices and prosecution strategies to deal with this type of crime.
According to Wong, the rapidly growing economies of Asia, including Singapore, are becoming targets for financial crimes. In fact, the International Criminal Police Organisation (Interpol) has identified financial fraud as a major threat that is likely to become widespread in the near future.
Data from the Singapore Police Force shows that in the first half of 2024, the number of fraud and cybercrime cases increased by 18% and the total amount of money lost due to fraud rose 25% compared to the same period in 2023.
Other forms of cross-border financial crimes such as money laundering, securities fraud, human trafficking and drug trafficking are also on the rise and becoming more complex due to factors such as the widespread use of technology and artificial intelligence, and increased global connectivity.
In addition to the immediate financial impact, financial crimes also pose a major threat to national security and undermine public confidence in legal institutions, the Singaporean official noted.
Nguyen Huy Tien, Prosecutor General of the Supreme People’s Procuracy of Vietnam, said that Vietnam also faces challenges in tackling financial crimes and wants to share experiences with other countries so that ASEAN members and China can promote cooperation in training and support each other in the crime prevention and control in the coming time.
Later the same day, ASEAN and China issued a joint statement in which they agreed on awareness and action, and pledged to share information, support each other and jointly work in the fight against financial crimes./.
