Leong Mun Wai on Anti-Money Laundering and Other Matters Bill

While a Bill put up for debate in Parliament has strengthened the legal framework for money laundering offences, the Progress Singapore Party (PSP) is concerned that sentences meted out in the recent S$3 billion money laundering case do not provide sufficient deterrence, said NCMP Leong Mun Wai. He questioned the length of the sentences and compared them with sentences handed down to money mules. He wanted to know under what circumstances the maximum penalty of up to 10 years’ jail would be imposed. Mr Leong said for an anti-money laundering regime to be effective, strong action must also be taken against gatekeepers who contravene the rules. He asked what action has been taken against banks and corporates involved in the money laundering case, and what internal measures the institutions have implemented. Speaking in the House on Tuesday (Aug 6), Mr Leong said PSP supports the Government’s decision to reduce the standard of proof for money laundering offences; however, it is concerned about whether this will lead to banks taking an overly cautious approach towards restricting or closing bank accounts - thus hindering legitimate transactions. He added that PSP supports the move to lower the threshold for casino operators to perform customer due diligence when entering cash transactions with patrons or receiving deposits, but he wanted to know if there is a cap on the amount of cash that casinos can accept in a single transaction.