- POSTED: 28 May 2014 18:46
Proposal made in Parliament to raise the maximum jail term for money laundering from seven to 10 years.
SINGAPORE: Changes have been proposed in Parliament on Wednesday (May 28) to the Corruption, Drug Trafficking and Other Serious Crimes Act to better detect and prosecute serious crimes like drug trafficking and money laundering.
One of the proposed changes is the raising of the maximum jail term for money laundering to 10 years from the current seven, making it consistent with the maximum penalty for terrorism financing.
Another proposal will allow the authorities to prosecute money laundering cases in Singapore that involve funds that come from tax evasion offences overseas. This is as long as the the tax evasion is illegal in another country, and was committed with the wilful intent to evade tax.
At the same time, the courts will have the power to confiscate from offenders, not just the funds used in a crime, but also any other property of equivalent value if the original funds have been disposed of.
The amendment bill is expected to be debated in Parliament in July.