Singapore is seeking to make it easier for law enforcement to prosecute money laundering offences in the city state, the country's Ministry of Home Affairs said.
Singapore faces greater money laundering and terrorism financing risks than other countries because it is an international finance and business hub. (Photo: Reuters)
Singapore (VNA) – Singapore is seeking to make it easier for law enforcement to prosecute money laundering offences in the city state, the country's Ministry of Home Affairs said.
Currently, some cases are not pursued unless it is possible to show the complete money trail of suspected funds from money laundering entering the nation.
The new Anti-Money Laundering and Other Matters Bill introduced to the parliament on July 2 will remove the need for the prosecution to show a direct link between the criminal conduct and the laundered funds.
Prosecutors need to prove beyond reasonable doubt that the money launderers knew or had reasonable grounds to believe that he was dealing with criminal proceeds, the ministry said, adding this would help in the prosecution of money mules when funds laundered had initially passed through bank accounts and intermediaries in foreign jurisdictions.
Last year, Singapore busted a 2.24 billion money laundering ring by foreign citizens, with the last of 10 offenders sentenced on June 10. They held money gained from overseas scams and online gambling in bank accounts in Singapore and converted some into real estate, cars, handbags, and jewellery.
Prime Minister Lawrence Wong said Singapore faces greater money laundering and terrorism financing risks than other countries because it is an international finance and business hub.
Since the money laundering case last year, the government set up an inter-ministerial panel to review its anti-money laundering regime.
♔ The new bill will also allow law enforcement to investigate money laundering offences linked to overseas environmental crimes./.
Money remittances remain the highest risk sector of being exploited for Terrorism Financing (TF) in Singapore, according to a report published in the country on July 1.
As a business, financial and trade hub, Singapore is vulnerable to being misused as a conduit to launder illicit funds derived from fraud committed abroad, said the Singapore’s Money Laundering National Risk Assessment (ML NRA).
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