Singapore proposes strengthened anti-money laundering bill

This includes empowering law enforcement agencies in prosecuting ML offences.

Singapore has introduced the Anti-Money Laundering and Other Matters Bill in Parliament to strengthen its financial crime prevention measures.

Key amendments proposed include enhancing Law Enforcement Agencies' (LEAs) abilities to pursue and prosecute money laundering (ML) offences, particularly those originating from criminal activities abroad. 

Currently, proving ML offences requires demonstrating a direct link between criminal conduct and laundered funds in Singapore. The bill proposes shifting this burden by requiring the prosecution to show that money launderers knew or reasonably believed they were dealing with criminal proceeds. 

The bill also aims to designate foreign environmental crimes, such as illegal mining, waste trafficking and logging, as predicate offences under Singapore's laws, enabling LEAs to investigate associated ML cases. 

Additionally, amendments to various acts will facilitate cross-agency data sharing, enhancing detection of ML, Terrorism Financing (TF), and Proliferation Financing (PF) risks by allowing tax and trade data sharing with Singapore's Financial Intelligence Unit. 

Moreover, clearer processes are proposed for managing seized or restrained properties linked to criminal activities, including provisions for their sale to mitigate maintenance costs and preserve asset value.

Measures will also be introduced to prevent premature release of seized properties when suspects abscond, ensuring ongoing investigations are not hindered. 

Furthermore, amendments to the Casino Control Act will align Singapore's anti-money laundering framework with international standards set by the Financial Action Task Force (FATF), enhancing customer due diligence requirements for casino operators.