He Ting Ru: Open economies like Singapore, Hong Kong, Switzerland easily exploitable by criminals

SINGAPORE: Workers’ Party Member of Parliament (WP MP) He Ting Ru (Sengkang) shared in a recent Facebook post that she had attended the International Monetary Fund (IMF) and World Bank 2026 Spring Meetings in Washington DC, which took place from April 13 to 18.

Ms He spoke at a Global Parliamentary Forum, discussing the issues surrounding anti-corruption, good governance, and cross-border financial crime.

“Our panel covered the importance of strong laws and stringent enforcement in combating corruption and cross-border financial crimes in this rapidly moving issue area. Transnational scams are a key part of this landscape,” wrote Ms He, who is a lawyer by profession.

Also on the panel were Rody Senderowitsch, Practice Manager for Public Administration at the World Bank Group’s Governance Global Department, and Chady Adel El Khoury, Assistant General Counsel of the IMF’s Financial Integrity Group. It was moderated by Javier Maroto, the First Vice-President of the Spanish Senate.

Ms He wrote that she had shared her views on the challenges of fighting cross-border crime, especially with the speed with which technologies such as AI evolve, as well as how the authorities in different countries have to work together to expand information-sharing, as cross-border crime has gone beyond tracing funds. Today, authorities need to understand how criminals use such assets as cryptocurrency, real estate, precious metals, and luxury items. 

She added that Intermediaries, including lawyers, accountants, and realtors, should also be held accountable and given support in crime-fighting.

“For highly open economies with large financial and wealth management sectors, such as the UAE, Singapore, Hong Kong, and Switzerland, the very structure of our economies makes us easily exploitable by criminals. Failure to address these issues effectively harms our people and can eventually lead to serious reputational damage,” wrote the MP.

Ms He also wrote that she had posed a question to IMF Managing Director Kristalina Georgieva about AI adoption and her views on the longer-term potential and risks associated with AI during a Town Hall session.

She specifically wanted to know how the technology can be used to boost productivity without diminishing entry-level jobs and widening inequality, specifically for vulnerable groups and women, as well as Dr Georgieva’s perspective on whether reskilling workers, updating labour regulations, or regulating AI deployment mattered more.

“Dr Georgieva pointed out that Singapore was ranked top in our holistic approach to AI and that we were a case study with much to offer. She, however, noted that the world has now reached the stage where it is ‘AI or die’; that the speed of transformation is unparalleled. Current projections understand the overall trajectory of AI on GDP and job growth as positive, but we must continue to look to ways in which AI can be harnessed safely and meaningfully,” wrote Ms He. /TISG

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