9-5-2024 (SINGAPORE) The Ministry of Home Affairs is set to reinforce legislation aimed at bolstering authorities’ capacity to identify and prosecute money launderers, announced in a written parliamentary reply by Home Affairs Minister K. Shanmugam on May 8.
This initiative will be executed through a Bill to amend the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), under which five foreigners have already been prosecuted in connection with a $3 billion money laundering case.
Additionally, the proposed amendments will grant sectoral regulators access to suspicious transaction reports submitted by regulated entities, enhancing the detection of illicit financial activities.
Responding to a query from Progress Singapore Party Non-Constituency MP Leong Mun Wai regarding the deterrence efficacy of penalties under the CDSA for money laundering offences, Minister Shanmugam outlined that offenders can face imprisonment ranging from three to ten years, fines between $150,000 and $500,000, or both, contingent upon the severity of the offence. He asserted that these penalties are consistent with those for other serious crimes and are aligned with sentencing norms in various jurisdictions.
The legislative action comes in the wake of a high-profile case involving the arrest of ten foreigners in August 2023, during which over $3 billion in cash and assets were seized. Subsequently, five individuals involved in the investigation received jail terms ranging from 13 to 15 months in April.
Minister Shanmugam emphasised that the courts meticulously weigh various factors, including the amount laundered and the duration of criminal conduct, in determining appropriate penalties. He highlighted the significance of early guilty pleas, which streamline court proceedings and facilitate the recovery of assets.
Asset forfeiture, according to the minister, serves as a critical deterrent against white-collar crime by depriving offenders of ill-gotten gains. He underscored Singapore’s commitment to combating money laundering and its ability to detect and pursue perpetrators.
The ongoing legal proceedings have seen Cambodian national Su Wenqiang sentenced to 13 months’ imprisonment, while Cypriot national Su Haijin received a 14-month jail term. Chinese national Wang Baosen was handed a 13-month sentence, while Cambodian national Su Baolin and Chinese national Zhang Ruijin were sentenced to 14 and 15 months respectively.
Of the remaining five individuals implicated in the case, two have set dates to plead guilty, underscoring the ongoing efforts to bring all perpetrators to justice.
