Singapore Endorses Communique Signalling Commitment to Tackle Fraud at the Global Fraud Summit

1. Singapore has endorsed a Communique that signals a collective, high-level commitment to tackle scams and fraud, crack down on criminal networks, and enhance cooperation in asset recovery.

2. The Communique was endorsed yesterday (11 March 2024) in London, at the inaugural Global Fraud Summit, a ministerial-level event organised by the United Kingdom. Over 150 government, regulators, non-profit groups, and industry representatives attended the two-day event from 11 to 12 March 2024, which focused on developing and coordinating an international approach to tackle fraud against individuals and businesses. Mrs Josephine Teo, Minister for Communications and Information & Second Minister for Home Affairs, represented Singapore at the Summit.

3. The key components of the Communique – endorsed by 11 countries – include commitments to explore ways to improve the recovery of fraudulently acquired funds across jurisdictions, strengthen coordination between international law enforcement efforts against fraud, galvanise industry partners to work with governments to tackle scams, and facilitate proactive information sharing across jurisdictions.

4. Minister Teo said, “Transnational fraud, such as scams, is a growing concern for many jurisdictions across the world. The Communique is an important step forward to strengthen collaboration with other jurisdictions and key partners such as the Financial Action Task Force and INTERPOL, so we can tackle fraud collectively. It emphasises our collective ambition to strengthen law enforcement efforts against scam syndicates and enhance processes to facilitate the prompt transnational recovery of monies derived from scams and other cyber-enabled fraud. It also recognises the critical role that the industry plays, and strongly urges them to take action to strengthen their anti-scam efforts. International collaboration is a critical component of Singapore’s strategy to combat fraud, and we are committed to doing our part – both domestically and on the global stage.”

5. At the Summit, Minister Teo also met with her Ministerial counterparts from Australia, Italy, New Zealand, the United Kingdom and the United States to reaffirm ties and boost bilateral cooperation in cybercrime, digital security, and science and innovation.