News

Singapore Passes Stringent Regulations to Clamp Down on Money Mules

R Richard M. MAY 10, 2023 1 minute read

Singapore has passed stringent regulations to clamp down on money mules and those who give control of their bank accounts and Singpass to curb crimes in the country.

The revisions in the Corruption, Drug Trafficking and Other Serious Crimes Bill and the Computer Misuse Bill make it easy to prosecute individuals selling their Singpass and payment accounts. However, the amendments introduced negligent and rash money laundering, revealing Singpass’s credentials to perpetrate crime.

Those guilty of rash money laundering may face a five-year maximum sentence and a fine of up to $250,000. On the other hand, negligent money launderers receive a prison term of up to three years and a maximum fine of $150,000. Those found guilty of being an accessory to such crimes will face a jail sentence of up to three years and a fine of up to $50,000.

As per the new laws, disclosing Singpass credentials, either knowing or suspecting that they could be used to perpetrate a crime, will be considered an offence. Those who give up their credentials and are found to have received monetary gain will be prosecuted for knowingly being involved with money mule scams and facilitating money laundering. Moreover, if the user can not find the identity and location of the individual to whom they reveal the details, they may also face liability. Individuals found guilty of this Singpass offence will face a maximum sentence of three years, with a fine of up to $10,000.

From 2020 to 2022, a mere year, reportedly saw 19,000 money mule scams in Singapore alone, but fewer than 250 individuals were sentenced due to gaps in the regulation.

According to the Second Minister for Home Affairs of Singapore, Josephine Teo, the goal is not to punish these individuals with legal consequences. Instead, the authorities would carefully consider various factors in every case and act judiciously. Mrs Teo said that Bills would come into effect in six months so the public could familiarise themselves with the amendments.

German Customs to Strengthen Fight Against Organised Crime and Money Laundering

Indiana Witnesses a Spike in Identity Theft and Data Breaches

Disclaimer: The views and opinions expressed on this webpage or weblink are those of the author only, and are not necessarily the views or opinions of Shufti Pro Limited. The material and information on this weblink is solely for general information purposes. You should not rely upon the material or information on the website as a basis for making any business or legal decision.

While we endeavor to keep the information up-to-date and/or correct, we make no representations or warranties of any kind, express or implied, or for any purpose about the completeness, accuracy, reliability, suitability, or availability of the contents or information herein. Any reliance on its content is thus entirely at your own risk.

For the avoidance of doubt, Shufti Pro Limited will not be liable for any false, inaccurate, inappropriate, or incomplete information presented herein, and all liabilities with respect to actions taken, or not taken, based on the contents or information herein, or for any loss sustained by you as a consequence are hereby expressly disclaimed by us.

Share you link