Tougher laws aimed at clamping down on money mules and those who sell their bank or Singpass accounts were passed on Tuesday. The amendments in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Bill and the Computer Misuse Bill make it...
Those convicted of rash money laundering can be jailed for up to five years and fined up to $250,000. Those convicted of negligent money laundering can be jailed for up to three years and fined up to $150,000.
Money mules can also no longer claim they did not know they were selling their bank or Singpass accounts to scammers. The user will be presumed to have known, or had reason to know, if he received any gain for doing so. The user may also be liable if he did not find out the identity and physical location of the person he is disclosing the details to.
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