Tighter controls to combat money laundering, terrorist financing

On government plans to introduce new requirements on pawnshops, SMU Vice President, Business Development & External Relations, Associate Professor  Annie Koh said: "A lot of our pawn businesses right now are actually very domiciled, and about 70 per cent of the users are local customers. Then of course, there is also a limit – most of our pawn businesses have a cap – you don't see huge items, huge ticket items. So interestingly, the pawn business does not attract that kind of 'high profile' candidates that we are actually seeing in some of the big international money laundering transactions."