Singapore: Individuals and companies involved in money laundering and terrorism financing will now face stiffer penalties, after Singaporean Parliament passed the Serious Crimes and Counter Terrorism (Miscellaneous Amendments) Bill on Monday.
As such crimes can destroy the country’s reputation as a trusted global financial centre or lead to terrorist attacks, Singapore is strongly committed to combating these threats and making sure they do not take root here, said Second Minister for Home Affairs Josephine Teo.
“With banking and financial systems going digital, monies can now be swiftly transferred between persons and across borders with minimum hassle. This opens up more channels to launder illicit funds and support terrorist activities,” she said.
In the last five years, there were about 70 convictions each year for money laundering in Singapore, while in 2016, six foreign nationals were convicted for terrorism financing.