Bill against money laundering and other matters

Increasing leverage for criminal prosecution of PP cases arising from criminal behavior abroad

3. Currently, in order to prosecute PP offences, the Prosecution must show that the money allegedly laundered in Singapore is proceeds directly linked to specific criminal conduct. In cases where the criminal conduct is committed outside of Singapore, the authorities are required to show the full money trail from the time the crime is committed overseas to the point when the money is deposited with the money launderer.

5. The Bill will amend the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Profits) Act (CDSA) so that the Prosecution cannot show the direct link between criminal conduct and money allegedly laundered in Singapore. It will be sufficient for the Prosecution to prove beyond reasonable doubt that the money launderer knew or had reasonable grounds to believe that he was dealing with criminal proceeds. This will facilitate the prosecution of money mules in cases where laundered money has passed through bank accounts and intermediaries in foreign jurisdictions before entering Singapore.

Define foreign environmental crimes as primary criminal offenses of PP

6. Currently, LEAs are only able to investigate PP offenses arising from the commission of an offense outside Singapore if the foreign offense is also a serious offense under the laws of Singapore. As environmental offenses such as illegal mining, illegal waste trafficking or illegal logging do not apply in our domestic context, they are not recognized as serious offenses in Singapore, thus limiting our ability to investigate PP related offences. such.

7. The draft law will introduce a third plan in the CDSA, defining serious foreign environmental crimes as the main offenses of the PP. This will allow LAAs to investigate PP violations if it is suspected that money in Singapore is derived from such crimes committed overseas.

Enable cross-agency data sharing to improve detection of ML, TF and PF

8. The draft law will bring changes in the income tax law; Law on Goods and Services Tax; Law on Regulation of Imports and Exports; and the Law on Free Trade Zones; to increase the ability of authorities to detect PP, TF and PF.^[2]

9. The changes will allow government agencies, namely the Inland Revenue Authority of Singapore and Singapore Customs, to share tax data and trade data with Singapore's Financial Intelligence Unit, Suspicious Transaction Reporting Office (STRO) respectively ) of the Department of Commercial Affairs of Singapore Police Force. Changes will also be made to the CDSA to allow AML/CFT regulators, such as the Wealth Agencies Council and the Accounting and Corporate Regulatory Authority, to access suspicious transaction reports submitted by their respective regulated entities .

(c) The sale would be in the interests of justice.

13. The changes will allow LGUs to reduce the cost of property maintenance and preserve the value of seized or restricted property, to improve subsequent asset recovery and victim restitution.

Deal with seized property associated with suspects who have fled

14. During investigations, LAAs may seize property associated with persons suspected of having committed offenses under the laws of Singapore who cannot be found (eg have left the country). Investigations can be deliberately stopped by such fugitives if they decide not to cooperate with investigations.

15. Current processes for dealing with seized property linked to fugitives are unclear and the KPP is silent on the matter. The proposed changes will provide for the following:

(a) When LGUs apply to the Court for continued confiscation of property, the Court shall not dispose of the property if it is satisfied that there are ongoing investigations into the fugitive; AND

(b) A fugitive shall be required to appear in person at the LCA for investigation before he may make a claim for seized property.

16. Taken together, these amendments will prevent the early release of seized property while investigations are ongoing and will avoid a situation where a fugitive avoids investigation by remaining outside Singapore and makes a successful claim for the properties seized because the investigations have not been carried out. able to continue.

Align the AML/CFT framework for casino operators with FATF standards

17. The Bill will also amend the Casino Control Act to tighten the requirements for casino operators to carry out customer due diligence (CDD) checks to detect and prevent PP/TF/PF.

18. Casino operators are currently required to perform CDD checks on customers when the casino operator enters into a single cash transaction involving $10,000 or more, or receives S$5,000 or more in a single cash transaction. only to be deposited into a deposit account.