Criminals, in particular transnational crime groups, and terrorism financiers around the world have been known to use cash couriers as a major means of moving physical funds across borders either to finance their illicit activities or to launder their ill-gotten gains. As an active and integrated member of the global economy, Singapore could also be susceptible to such illegal activities.

Hence, this initiative is part of Singapore ’s overall efforts to combat transnational crime, money laundering and terrorism financing to require the reporting of cross border movements of CBNI. This is also in line with international practices and standards recommended by the Financial Action Task Force, an inter-governmental body that develops and promotes policies to combat money laundering and terrorism financing. Singapore has been a member of FATF since 1991.