Monday , January 17 2022

Singing Charges Singapore to AML / CTF crimes



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Penalties are charged for AML / CTF offenses and failures to file suspicious transaction reports, while Singapore also expands its arrangements with foreign FIU.

The Singapore Parliament passed a bill on Monday (November 19) giving penalties for individuals and companies involved in money laundering and terrorist financing (ML / TF), reporting Channel NewsAsia.

"With banking and fiscal systems going digital, money can be transmitted quickly between people and across borders as possible as possible. This opens more channels to wash illegal money and support terrorist activities," he says & Second Minister for Home Affairs Josephine Teo re-reads the bill in Parliament. "The increasing volume and complexity of financial transactions also make it more difficult for regulators to detect crime."

Over the past five years there were around 70 money laundering convictions each year, and in 2016, six foreign countries were convicted of terrorist funding offenses.

The Serious Crime and Counter Terrorism (Miscellaneous Amendments) Bill raises the maximum penalty for a ML / IT offense committed by a corporation from SGD 1 million (USD 727,000) to "maximum SGD 1 million or twice the value of the property, financial service or financial transaction ".

The maximum penalty for failing to file a Debate Discussion Report (STR) will also be charged. The maximum fine for individuals will be SGD 250,000 (up from 20,000 SGD) and / or imprisonment up to three years. If the offender is a corporation, the maximum fine will be SGD 500,000.

Non-disclosure of police information that could help to prevent a crime of terrorism funding or lead to arrest, prosecution, or conviction for terrorism funding can also be punished. Limits are set for professionals such as bankers from SGD 50,000 to SGD 250,000, and for corporations, from SGD 250,000 to SGD 1 million or twice the value of the property in question or the services provided. Penalties for non-professional people remain SGD 50,000 and / or five years imprisonment.

The highest penalty for disclosing information that may also compromise an ongoing terrorist financing investigation from SGD 30,000 to SGD 250,000 and / or five years imprisonment.

The government is also concerned about money holes in Singapore, and will offend the possession or use of suspected property from benefits of offending behavior, if accused people can not explain how satisfactory it came their property. Under current laws, the prosecution must prove that money pensions know that the money is related to criminal behavior. This can be difficult. The highest penalty for this new offense will be a 150,000 SGD and / or three year prison.

The amendments also make it easier to prosecute money laundering related to foreign crimes, allowing the courts to decide based on the evidence of the prosecution that a crime has committed abroad without having to rely on governments or foreign experts. At present, prosecutors are required to obtain a certificate from a foreign government or evidence from a foreign legal expert to show that a crime has been committed abroad.

Another improvement makes it easier to exchange financial information with foreign authorities. The 50 Singapore arrangements with other countries will be expanded to include 150 Further Information Units (Financial Units of Information) of foreign jurisdictions that are members of the Egmont Group.

Improvements are also introduced to strengthen the Singapore Cross Border Fund (CBCRR) System, making it mandatory for a person to declare any amount of money that exceeds 20,000 SGD and give the court the option to make a seizure order against a defendant guilty of a CBCRR offense.




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