us

216.73.216.172

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

n-img-singapore

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financial scams.

The Singapore police have arrested a “large number” of people facilitating scams around different areas, but many money mules often are let off the hook without prosecution because of difficulties in proving the intent to facilitate such scams. 

According to K. Shanmugam, the Law and Home Affairs Minister, the MHA is looking to amend laws to fix this issue. 

Mr Yip Hon Weng, a member of the Singapore parliament, had asked about common penalties for money mules and whether these charges can be increased as a deterrent.

In a written response to the parliament, Mr Shanmugan said, “In short, the issue is not with the penalties in our current laws, but our laws need to be enhanced to make it easier to make out money laundering offences in such scam cases.”

The selling of details, the main resource for facilitating scams, is another loophole the authorities are working hard to overcome. 

MHA aims to introduce new provisions to curb such misuse of Singpass, said Mr Shanmugam. More data on the initiative will be provided when ready, he added.

He added that the authorities will investigate the money mules who sell their sensitive data such as bank accounts or Singpass details for money laundering activities and scams. 

They may also be prosecuted in court under the CDSA (Corruption, Drug Trafficking and Other Serious Crimes Act), CMA ( Computer Misuse Act) and Payment Services Act or the Penal code. 

Mr Shanmugam added that those who sell their bank accounts do so for their own conscious choice to attract commissions and monetary benefits.

Mr Shanmugam noted that stringent punishments are already in place, but the problem is in making out the money laundering offences so that money mules can be prosecuted.

He said: “Money mules facilitate the perpetration of scams. To fight scams more effectively, we need to prevent and deter individuals from acting as money mules.”

According to the police, In 2022, there were more than 31,000 scam cases, higher than the 2021 count of 23,000. Also, the victims in Singapore lost $660.7 million last year, compared to $632 million in 2021.

On Tuesday, Mr Shanmugam said the amendments would place a greater onus on individuals.

He said: “We will be introducing new provisions and penalties to the CDSA to impose obligations on individuals to exercise greater accountability and vigilance when transferring money on behalf of others.”

Suggested Read:

CRYPTOCURRENCIES NEED REGULATION TO PREVENT MONEY LAUNDERING, SAYS SINGAPORE MINISTER

Related Posts

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started