Into depths of international finance, Interpol has cast a new light—the Silver Notice, intended as a beacon against the dark undercurrents of organised crime. This new beacon is trained, however, not at the man, but at his wallet.

What is the Silver Notice?

The Silver Notice has been about a decade in the making. The Interpol’s General Assembly first debuted the concept in 2015, but it was not till 2023 that the pilot was launched. Things appear to have progressed swiftly since, and earlier this year, the Silver Notice was aimed and fired for the first time.

Not unlike its predecessor and cousin, the Red Notice, the Silver Notice also hopes to strike organised crime by summoning the collective might of worldwide law enforcement towards the apprehension of a particular target. However, whilst Red Notices focus on the apprehension of individuals, Silver Notices focus squarely on their assets, whatsoever form those may take.

The Silver Notice can be used to request information on assets linked to criminal activities, such as properties, financial accounts, business interests, vehicles – a list limited only by the imagination of the requesting law enforcer, and of course, how clearly one can cut through the fog of traceability. The hope is that the information secured through the Silver Notice will then allow countries to follow-up with more concrete measures such as the freeze, confiscation – and ultimately, recovery – of criminal proceeds.

Of course, it would be naïve to dismiss the Silver Notice as being able to secure ‘only’ information. In complex, cross-border financial crime, information is necessarily the first step in dismantling the who, where, how, and what of the crime, whether that’s fraud, embezzlement, or corruption. And, as is oft-said, the first step is usually the hardest.

There is a certain poetry in the idea of the Silver Notice, or at least, a recognition that the greatest measure in the fight for accountability is not necessarily quantified by the length of a sentence, but perhaps, the concrete value of the assets confiscated from a wrongdoer. It is also pragmatic – a precondition to securing the person is usually the prior dismantling of his/her power and influence, and much of that is tied to his/her means.

The Silver Notice’s Implications for Singapore

Singapore, with its skyline of glass and steel, is a city that dreams in silver dollars. Along Singapore’s Napier Road, the Interpol has also built its Innovation Centre, the building itself echoing the broader motifs of this city. We think that the Silver Notice will very much find itself at home here.

As a prominent wealth hub, Singapore itself knows that its very success has made it – not quite a haven, but at least a target – for those who would use its financial services to launder, store or enjoy their proceeds of crime.

Consider, for a moment, the recent scandals that have rocked Singapore’s financial world, and in respect of which headlines have only just receded. The question immediately comes to mind: with the Silver Notice, would such cases have been unravelled with greater speed and precision? Minimally, Singapore, as the nerve-hub not only for funds flows but also for their accompanying information, and with its forward-thinking approach to fintech and financial regulation, is uniquely positioned to leverage upon the potential of the Silver Notice.

In recent years, Singapore has taken bold, multi-sectoral steps empower its national authorities yet further, to ensure that its waters are not muddied by the taint of illicit funds. The introduction of the Silver Notice is a natural extension of these efforts, a tool that allows Singapore to cast its net wider, to reach across borders and into corners which perhaps would otherwise have been untouchable.