WHITE-COLLAR CRIME
R&C: How would you describe the levels of white-collar crime creating risks for businesses? What types of crime seem to be occurring frequently?
ITALY
Massella Ducci Teri: White-collar crime remains a significant risk for businesses in Italy, particularly in highly regulated sectors and those with complex supply chains. Companies face increasing scrutiny over tax compliance, anti-money laundering (AML) rules and corporate due diligence obligations, particularly following the introduction of the European Corporate Sustainability Due Diligence Directive. Indeed, irregularities in supply chain management – especially in sectors such as logistics and fashion – are drawing increased regulatory attention. Corruption risks persist, especially in light of the substantial public funds allocated under the recovery and resilience plan as part of the NextGenerationEU programme, which could lead to heightened enforcement efforts. Cyber crime is also on the rise, with companies facing increasing threats from data breaches, ransomware and fraud.
SINGAPORE
Ved: Singapore is a regional and global financial hub, with a strong regulatory environment and high-profile local enforcement. That said, white-collar crime risks remain. Money laundering is a particular area of risk for businesses, with the Monetary Authority of Singapore (MAS) stating that the risk is particularly acute for the banking and corporate services sectors as well as digital payment tokens service providers. Common laundering methods include cross-border fund transfers via third-parties, high-value asset purchases and shell companies. The pseudoanonymity afforded by crypto and digital payments can shroud transparency. Another area of concern is the risk posed by scams and cyber crime. The Singapore Police Force reported a 25.2 percent increase in scam and cyber crime cases from 2021 to 2022 and scam numbers hit a record high in the first half of 2024 with more than SGD385.6m lost in 26,587 reported cases. These losses were 23.5 percent higher than the amount recorded in the same period in 2023.
Apr-Jun 2025 Issue
Cleary Gottlieb Steen & Hamilton LLP
Greenberg Traurig Limited
Hogan Lovells
Kirkland & Ellis International LLP
Miller & Chevalier