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SINGAPORE, June 20 (Xinhua) -- Singapore, as a business, financial and trade hub, is vulnerable to being misused as a conduit to launder illicit funds derived from fraud committed abroad, said the Money Laundering National Risk Assessment issued Thursday100dailyfreespins.

The document, jointly launched by the Ministry of Home Affairs, the Ministry of Finance, and the Monetary Authority of Singapore, identified fraud, especially cyber-enabled fraud, as the highest foreign money laundering threat100dailyfreespins.

Organized crime, corruption, tax crimes, and illegal trade activities are among major money laundering threats to Singapore.

The banking sector is most vulnerable to money laundering as criminals often use bank channels to transfer illicit funds. Moreover, digital payment token service providers are increasingly involved in money laundering in Singapore, the document noted.

Singaporean authorities said their anti-money laundering efforts will keep pace with the identified risks.

They also urged financial institutions and non-financial businesses and professions to take reference from the document to assess their risks and enhance their controls.■