New Proposals Aim to Strengthen Enforcement Against Criminal Activities and Environmental Crimes
Singapore has introduced a Bill in Parliament to enhance the ability of law enforcement agencies to tackle money laundering and manage properties linked to criminal activities. The proposed amendments focus on reducing the costs of maintaining seized assets, facilitating their sale when necessary, and improving the recovery of assets for victims. Under the Bill, properties can be sold if they are no longer needed for investigation or court proceedings, provided all parties consent or other conditions are met.
The Bill also extends investigations into foreign environmental crimes such as illegal mining, waste trafficking, and logging, allowing money laundering investigations tied to proceeds from such crimes committed overseas. Additionally, the Bill proposes changes to prosecute money mules who launder funds on behalf of others without needing to establish a direct connection to criminal conduct.
Further amendments aim to streamline processes for handling properties owned by absconded individuals, making it more difficult for them to claim properties under investigation. The Bill also includes measures to enhance the ability of regulators like the Council for Estate Agencies and the Accounting and Corporate Regulatory Authority to access suspicious transaction reports, enabling earlier actions against money laundering and terrorist financing.
Casino operators will face more stringent customer due-diligence requirements, in line with global standards, to combat money laundering, terrorism financing, and proliferation financing risks. The new Bill is part of Singapore’s broader strategy to strengthen its anti-money laundering regime and improve asset recovery efforts.
