A bill amending the Corruption, Drug Trafficking and Other Serious Crimes Act was passed in Parliament on Monday (July 7), paving the way for tougher penalties and better international cooperation in tackling serious crimes.
The maximum jail term for money laundering has been raised from seven to 10 years, making it consistent with the maximum penalty for terrorism financing.
“With the increasingly transnational, lucrative and sophisticated nature of criminal activities, the risk of Singapore being used as a conduit to launder criminal proceeds continues to be a concern,” said Second Minister for Home Affairs and Minister in the Prime Minister’s office S Iswaran.
“Money laundering undermines the rule of law, erodes the integrity of our financial system, and damages our reputation as a trusted international financial centre. Illicit proceeds can also be used to finance terrorism giving rise to serious national security concerns.”
Those bringing tax-illicit monies into Singapore will also face greater deterrence.
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