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REPORT: Combating Financial Crimes in the Era of Emergent Technologies

11 November 2021, Singapore and the Netherlands – The first Roundtable between the Netherlands and Singapore on Combating Financial Crimes in the Era of Emergent Technologies (“Roundtable”) took place on 3 March 2021. Emergent technologies such as blockchain, cryptocurrencies, artificial intelligence, and privacy-preserving technologies have created many opportunities for innovation and economic growth, as well as a new borderless threat landscape. Since these cyber-enabled financial crimes involve a significant number of threat actors, combating them poses a challenge that requires the collaboration of multiple stakeholders and the utilization of innovative solutions.

The Netherlands and Singapore are both small countries with strong financial centres that are highly digitalized and connected, as well as heavily focused on innovation. This Roundtable is envisioned to build strong foundations of trust and confidence upon which to share our mutual challenges and good practices. During this inaugural meeting, perspectives from all angles of the triple helix were shared, leading to the identification of important topics and development of a prioritized agenda as follows:

  1. Virtual Asset Intelligence (11 November 2021)
  2. Information Sharing with Privacy and Security by Design (17 February 2022)
  3. Stronger Know Your Customer (KYC) Facilities (12 May 2022)
  4. Collaborative Mechanisms and Good Practices
  5. Regulatory Challenges and Opportunities
  6. Complexity of Technology and Data Volumes

During the course of follow-up sessions, it is envisaged that these topics will be deliberated by stakeholders from both countries, deepening our understanding and expertise in combating borderless cyber-facilitated financial crimes.

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