Is money laundering illegal in Singapore?
Traditionally, criminals and drug traffickers have used banks and other financial institutions to launder their ‘dirty’ money. That being said, Money laundering is a very serious crime in Singapore. These are governed by the Corruption, Drug, Trafficking and other Serious Crimes (Confiscation of Benefits) Act (CDSA).
What is the penalty for money laundering?
20 years imprisonment
The maximum penalty for money laundering under the Crimes Act 1900 (NSW) is 20 years imprisonment. Under the Criminal Code (Cwlth) it’s 25 years imprisonment.
Is Singapore a money laundering hub?
Financial and trade hubs like Singapore are particularly vulnerable to money laundering due to large cross-border flows. In 2015, Singapore discovered that funds linked to the scandal-ridden Malaysian state fund 1MDB were laundered through its banking system.
What is concealing in money laundering?
Concealing is where someone knows or suspects a case of money laundering, but conceals or disguises its existence. Arranging is where someone involves himself or herself in an arrangement to assist in money laundering.
How much jail time is money laundering?
Money Laundering and the Law At the State level, money laundering is dealt with by Part 4AC of the Crimes Act 1900 (NSW). If charges are bought under this part of the Crimes Act, a person may be liable for imprisonment for 20 years, if found guilty of the offence of money laundering.
How much jail time do you get for money laundering?
If prosecuted as a misdemeanor, Money Laundering can be punished by up to a year in jail and court fines. If prosecuted as a felony, a sentence can carry up to three years in prison and a maximum fine of $250,000 or twice the amount of money laundered, whichever is more.
What are the laws on money laundering in Singapore?
It can be defined as the process of making ‘dirty’ money – the proceeds of criminal activity – appear ‘clean’ or legitimate. There are four money laundering offences in Singapore law. These are governed by the Corruption, Drug, Trafficking and other Serious Crimes (Confiscation of Benefits) Act (CDSA).
Is there extraterritorial jurisdiction for the crime of money laundering?
Yes. Tax evasion under Singapore law and the national law of a foreign country in certain specified forms are predicate offences for ML (Section 2 (1) and Second Schedule CDSA). 1.3 Is there extraterritorial jurisdiction for the crime of money laundering?
Which is an offence under the Money Laundering Act?
According to the CDSA, the laundering of proceeds from 10 types of drug dealing offences in the First Schedule and serious crimes specified in the Second Schedule, (collectively, “criminal conduct”) constitutes a money laundering offence. There are mainly four types of money laundering offences covered by the CDSA:
What are the objectives of AML / CFT in Singapore?
Singapore’s AML/CFT policy objectives are to: i) detect, deter and prevent money laundering, associated predicate offences and terrorism financing; and ii) protect the integrity of its financial system from illegal activities and illicit fund flows.
