quora

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

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read 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