Sentences meted out in $3b money laundering case comparable to those in other jurisdictions, he says.
Five foreigners in the $3 billion money laundering case have been prosecuted under the Corruption, Drug Trafficking and Other Serious Crimes Act.
The Bill will also allow sectoral regulators to access suspicious transaction reports filed by their regulated entities, to better detect money laundering activities. In response, Mr Shanmugam said that under the CDSA, offenders can be jailed from three to 10 years, fined between $150,000 and $500,000, or both. This depends on the nature of the money laundering offences, he said.
The courts will then consider the appropriate penalties to be imposed, based on the specific facts of the case. These factors may include the amount of money laundered, the length of the offending conduct and the extent of his abuse of Singapore’s financial system. “This is not because there are no such monies being laundered in other jurisdictions. Rather, criminals hide their tracks very carefully. We know this from our foreign law enforcement counterparts as well.”
On April 2, Cambodian national Su Wenqiang was sentenced to 13 months’ jail after he pleaded guilty to two counts of money laundering.
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