ASEAN and China Collaborate to Combat Financial Crimes

Politics Dante Raeburn October 30, 2024

ASEAN and China Collaborate to Combat Financial Crimes

The 14th China-ASEAN Prosecutors-General Conference focused on enhancing collaboration to combat financial crimes. Attorney-General Lucien Wong highlighted the increasing threat posed by financial fraud in rapidly growing economies like Singapore. With fraud and cybercrime cases on the rise, ASEAN and China pledged to cooperate and share information to effectively address these challenges.

SINGAPORE — The 14th China-ASEAN Prosecutors-General Conference convened in Singapore on Tuesday, focusing on the theme “Fostering Cooperation on Combating Financial Crimes.” Attorney-General of Singapore Lucien Wong, in his opening remarks, underscored the necessity of collaboration between ASEAN and China in the fight against financial crimes. He emphasized that the increasing sophistication of such crimes necessitates cooperation among prosecutorial authorities to exchange optimal practices and strategies for prosecution. Wong noted that the rapidly expanding economies across Asia, including Singapore, have become prime targets for financial crime. He referenced a report by the International Criminal Police Organisation (Interpol), which has classified financial fraud as a significant and growing threat that is likely to proliferate in the foreseeable future. Recent statistics from the Singapore Police Force reveal a marked increase in fraud and cybercrime, with reported incidents rising by 18% in the first half of 2024, alongside a 25% increase in the total monetary losses compared to the same period in 2023. The conference also addressed the rise of various cross-border financial crimes, such as money laundering, securities fraud, human trafficking, and drug trafficking, all of which have become more intricate owing to technological advancements and enhanced global connectivity. The detrimental effects of financial crimes extend beyond immediate monetary losses, posing significant risks to national security and eroding public trust in legal systems, as mentioned by Attorney-General Wong. Nguyễn Huy Tiến, the Prosecutor General of the Supreme People’s Procuracy of Vietnam, also expressed that Vietnam faces substantial challenges in curbing financial crimes and is eager to exchange knowledge with other nations. He highlighted the importance of ASEAN members and China fostering cooperation in training and mutual assistance for future crime prevention and control efforts. Concluding the day, ASEAN and China released a joint statement pledging to enhance awareness and action through information sharing and collaborative efforts in combating financial crimes.

The issue of financial crime has increasingly garnered attention, particularly in regions with rapidly growing economies such as Asia. The prevalence of sophisticated criminal techniques, compounded by technological advancements and globalization, has led to a spike in financial crimes, which includes fraud, money laundering, and other illicit activities. As economies become more interconnected, the need for cooperative international strategies becomes vital for effectively addressing these complex challenges. The China-ASEAN Prosecutors-General Conference serves as a platform for judicial leaders to strategize on shared goals in preventing and mitigating financial crimes across borders.

The 14th China-ASEAN Prosecutors-General Conference underscored the critical importance of international cooperation in combating the growing threats posed by financial crimes. With rising incidents of fraud and cybercrime, alongside the complexities introduced by technological advancements, collaborative strategies among ASEAN and China are essential in fostering resilience against these threats. The commitment to share knowledge and resources marks a significant step toward enhancing crime prevention and control measures in the region.

Original Source: vietnamnews.vn