Tuesday, 16 September 2014

Money Laundering offences in Singapore

Money laundering is the process whereby money obtained by criminal or illegitimate means is converted to give the appearance of having come from legal or legitimate source. The Corruption, Drug, Trafficking and other serious crimes (Confiscation of Benefits) Act, commonly known as CDSA.

There are four types of money laundering offences criminalised under CDSA. The offence is committed when a person:

(1)    Section 46(1) and 47(1): Conceals or disguises any property (in whole or part) which is derived from Drug Trafficking or from Criminal Conduct; or converts/ transfer that property or removes it from Singapore.

(2)    Section 46(3) and 47(3):Knows or has reasonable grounds to believe that any property is derived from Drug Trafficking or from Criminal Conduct and obtains that property for no or inadequate consideration

(3)    Section 46(2) and 47(2):Knowingly (subjectively and objectively) assists a person to commit the offence No.1 in order to avoid the prosecution of a money laundering offence or to avoid the enforcement of a confiscation order under the Act.

(4)    Section 43(1) and 44(1): Assist a drug trafficker or a serious crime offender (criminal) to (a) retain or control his benefits from these criminal activities or (b) secure such  funds or (c) invest such funds

The penalty for the commission of any of these offences is a fine not exceeding $200,000 or a term of imprisonment not exceeding seven years, or both. Sections 43(5) and 46(6) of CDSA.

It is strongly recommended you hire the services of an experienced lawyer in Singapore when facing such charges.

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Should you have any questions or need legal representation, kindly contact Gloria James-Civetta & Co on 6337-0469 for a free consultation, or email to consult@gjclaw.com.sg

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